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CBL & ASSOCIATES PROPERTIES INC

CBL Clue Score38
United States Fiscal year ends December CIK 0000910612
$48.51 -1.48% Close, 9 Oct 2026
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Price $48.51 +61.70% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 2 Nov 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,028.3Operating income253.6Net income172.9EPS, diluted0.75Fiscal year 2017Revenue927.3 −9.8%Operating income232.6Net income120.9 −30.0%EPS, diluted0.44Fiscal year 2018Revenue25.3 −97.3%Net income−78.6 −165.0%Fiscal year 2019Revenue25.2 −0.3%Net income−108.8Fiscal year 2020Revenue18.5 −26.4%Net income−295.1EPS, diluted−1.75Fiscal year 2022Revenue17.9 −3.7%Net income−93.5EPS, diluted−3.20Fiscal year 2023Revenue18.9 +5.8%Net income6.5EPS, diluted0.17Fiscal year 2024Revenue18.6 −1.6%Net income59.0 +800.9%EPS, diluted1.87Fiscal year 2025Revenue16.2 −12.5%Net income136.0 +130.6%EPS, diluted4.34
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Revenue 1,028.3 927.3 25.3 25.2 18.5 17.9 18.9 18.6 16.2
Growth −9.8% −97.3% −0.3% −26.4% −3.7% +5.8% −1.6% −12.5%
Operating income 253.6 232.6 n/a n/a n/a n/a n/a n/a n/a
Net income 172.9 120.9 −78.6 −108.8 −295.1 −93.5 6.5 59.0 136.0
Growth −30.0% −165.0% +800.9% +130.6%
EPS, diluted 0.75 0.44 n/a n/a −1.75 −3.20 0.17 1.87 4.34

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin24.7%Net margin16.8%Fiscal year 2017Operating margin25.1%Net margin13.0%Fiscal year 2018Net margin−311.0%Fiscal year 2019Net margin−431.8%Fiscal year 2020Net margin−1,591.5%Fiscal year 2022Net margin−523.7%Fiscal year 2023Net margin34.7%Fiscal year 2024Net margin317.5%Fiscal year 2025Net margin837.1%
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Operating margin 24.7% 25.1% n/a n/a n/a n/a n/a n/a n/a
Net margin 16.8% 13.0% −311.0% −431.8% −1,591.5% −523.7% 34.7% 317.5% 837.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Fiscal year 2017Operating cash flow430.4Dividends paid−181.3Fiscal year 2018Operating cash flow377.2Dividends paid−137.8Fiscal year 2019Operating cash flow273.4Dividends paid−26.0Fiscal year 2020Operating cash flow133.4Fiscal year 2022Operating cash flow208.2Dividends paid−23.9Fiscal year 2023Operating cash flow183.5Buybacks−1.1Dividends paid−118.1Fiscal year 2024Operating cash flow202.2Buybacks−36.5Dividends paid−50.4Fiscal year 2025Operating cash flow249.7Buybacks−18.1Dividends paid−77.1
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Operating cash flow n/a 430.4 377.2 273.4 133.4 208.2 183.5 202.2 249.7
Buybacks n/a n/a n/a n/a n/a n/a −1.1 −36.5 −18.1
Dividends paid n/a −181.3 −137.8 −26.0 n/a −23.9 −118.1 −50.4 −77.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash19.0Total debt4,465.3Net cash (debt)−4,446.3Shareholders’ equity1,228.7Debt to equity3.63Fiscal year 2017Cash32.6Total debt4,230.8Net cash (debt)−4,198.2Shareholders’ equity1,140.0Debt to equity3.71Fiscal year 2018Cash25.1Total debt4,043.2Net cash (debt)−4,018.0Shareholders’ equity964.1Debt to equity4.19Fiscal year 2019Cash32.8Total debt3,527.0Net cash (debt)−3,494.2Shareholders’ equity806.3Debt to equity4.37Fiscal year 2020Cash61.8Total debt1,184.8Net cash (debt)−1,123.1Shareholders’ equity531.8Debt to equity2.23Fiscal year 2022Cash44.7Total debt2,000.2Net cash (debt)−1,955.5Shareholders’ equity370.5Debt to equity5.40Fiscal year 2023Cash34.2Total debt1,888.8Net cash (debt)−1,854.6Shareholders’ equity339.3Debt to equity5.57Fiscal year 2024Cash40.8Total debt2,212.7Net cash (debt)−2,171.9Shareholders’ equity323.5Debt to equity6.84Fiscal year 2025Cash42.3Total debt2,173.0Net cash (debt)−2,130.7Shareholders’ equity374.9Debt to equity5.80
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Cash 19.0 32.6 25.1 32.8 61.8 44.7 34.2 40.8 42.3
Total debt 4,465.3 4,230.8 4,043.2 3,527.0 1,184.8 2,000.2 1,888.8 2,212.7 2,173.0
Net cash (debt) −4,446.3 −4,198.2 −4,018.0 −3,494.2 −1,123.1 −1,955.5 −1,854.6 −2,171.9 −2,130.7
Shareholders’ equity 1,228.7 1,140.0 964.1 806.3 531.8 370.5 339.3 323.5 374.9
Debt to equity 3.63 3.71 4.19 4.37 2.23 5.40 5.57 6.84 5.80

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
n/a 430.4 377.2 273.4 133.4 208.2 183.5 202.2 249.7
Growth −12.4% −27.5% −51.2% +56.1% −11.9% +10.2% +23.5%
292.7 299.1 285.4 257.7 215.0 256.3 190.5 140.6 165.2
Investment
n/a −75.8 −27.5 24.6 −280.4 −156.7 1.7 65.0 −115.1
Financing
n/a −351.5 −360.4 −296.4 209.7 −145.8 −204.1 −236.5 −135.4
n/a −181.3 −137.8 −26.0 n/a −23.9 −118.1 −50.4 −77.1
n/a n/a n/a n/a n/a n/a −1.1 −36.5 −18.1

Capital expenditure, dividends and buybacks are shown as money out, so negative.