# CBL & Associates Properties (CBL.US) Canonical: https://gigainvestors.com/s/CBL Analysis as of: 2026-10-16T07:27:15.922Z. Listing currency: USD. Reporting currency: USD. ## Verdict Not enough history yet Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: $48.84 per share; close as of 2026-10-15. ## Checklist ### understandable: na ### moat: na ### economics: na ### management: na ### accounting: na ## Holders ## Price story Up 136% since Oct 2023 · "CBL Stock Up Post Q1 Earnings on Refinancing and Leasing Strength" (finance.yahoo.com, May 2026) Story as of 2026-10-16T09:58:28.040Z; price observation 2026-10-15. - 2026-02-19: CBL Stock Gains Following Q4 Earnings, Same-Center NOI Rises ([finance.yahoo.com](https://finance.yahoo.com/news/cbl-stock-gains-following-q4-161400997.html)) - 2026-05-14: CBL Stock Up Post Q1 Earnings on Refinancing and Leasing Strength ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cbl-stock-post-q1-earnings-143100887.html)) ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in property rentals; annual sales are USD 578.4 million. - Source: https://www.sec.gov/Archives/edgar/data/910612/000119312526087049/cbl-20251231.htm (filed 2026-03-03); FY2025: revenue 578373000; grossProfit 43708000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CBL.US: CBL & Associates Properties, Inc. is headquartered in Chattanooga, TN, CBL Properties 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 54.5 million square feet across 23 states, including 54 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 20 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. was established in 1978n and was incorporated in Delaware. ### Where the cash goes Spends 42.6% of cash earnings on expansion; paid dividends in 5 of 5 years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2022: growth capex 0; upkeep 5766000; owner earnings 177860000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2023: growth capex 0; upkeep 2663000; owner earnings 215813000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); FY2024: growth capex 0; upkeep 36192000; owner earnings 163369000. Growth capex / owner earnings = 0. - Source: https://www.sec.gov/Archives/edgar/data/910612/000119312526087049/cbl-20251231.htm (filed 2026-03-03); FY2025: growth capex 57969000; upkeep 179794000; owner earnings 135967000. Growth capex / owner earnings = 0.4263460986857105. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); Dividend observations: [[2021,151545000],[2022,23873000],[2023,118093000],[2024,50357000],[2025,77095000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://www.sec.gov/Archives/edgar/data/910612/000119312526087049/cbl-20251231.htm (filed 2026-03-03); FY2025: cash repurchases 18059000 USD. ### Are managers owners Insiders own 12% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CBL.US SharesStats.PercentInsiders = 12.001000000000001 percentage points; cache date 2026-10-15. ### What the price says The price is 2.6 times annual sales. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-03); Closing price 48.84 USD; reporting-to-trading FX 1; FY2025 annual sales per share 18.753380240588825; price multiple 2.604330492605983. FY2025 cash earnings/share 4.408644337083752. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2021-11: $30.97 per share - 2021-12: $31.20 per share - 2022-01: $30.16 per share - 2022-02: $28.51 per share - 2022-03: $32.89 per share - 2022-04: $29.31 per share - 2022-05: $28.26 per share - 2022-06: $23.49 per share - 2022-07: $30.79 per share - 2022-08: $28.94 per share - 2022-09: $25.61 per share - 2022-10: $28.73 per share - 2022-11: $30.50 per share - 2022-12: $23.08 per share - 2023-01: $26.65 per share - 2023-02: $25.55 per share - 2023-03: $25.64 per share - 2023-04: $23.13 per share - 2023-05: $23.06 per share - 2023-06: $22.04 per share - 2023-07: $21.77 per share - 2023-08: $21.39 per share - 2023-09: $20.98 per share - 2023-10: $20.73 per share - 2023-11: $23.50 per share - 2023-12: $24.42 per share - 2024-01: $23.38 per share - 2024-02: $23.06 per share - 2024-03: $22.91 per share - 2024-04: $21.75 per share - 2024-05: $22.10 per share - 2024-06: $23.38 per share - 2024-07: $25.77 per share - 2024-08: $26.40 per share - 2024-09: $25.20 per share - 2024-10: $26.45 per share - 2024-11: $30.90 per share - 2024-12: $29.41 per share - 2025-01: $30.61 per share - 2025-02: $31.18 per share - 2025-03: $26.58 per share - 2025-04: $23.47 per share - 2025-05: $25.21 per share - 2025-06: $25.39 per share - 2025-07: $27.06 per share - 2025-08: $31.85 per share - 2025-09: $30.58 per share - 2025-10: $29.57 per share - 2025-11: $33.42 per share - 2025-12: $37.00 per share - 2026-01: $35.80 per share - 2026-02: $37.78 per share - 2026-03: $38.43 per share - 2026-04: $45.02 per share - 2026-05: $48.09 per share - 2026-06: $53.09 per share - 2026-07: $58.71 per share - 2026-08: $54.69 per share - 2026-09: $53.36 per share - 2026-10: $48.84 per share ## Annual estimated value (USD per share) Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates ## Sources [Original 10-K filing](https://www.sec.gov/Archives/edgar/data/910612/000119312526087049/cbl-20251231.htm); period 2025-12-31, filed 2026-03-03. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights. ## Reported holder observations # CBL — CBL & Associates Pptys Inc. Held by 1 investor · USD 82,767,344 total · 2026 Q1 · reported price USD 38.43 (split-adjusted). Page: https://gigainvestors.com/s/CBL ## Holders (2026 Q1) | Investor | Value | % of their portfolio | This quarter | |---|---:|---:|---| | Howard Marks (https://gigainvestors.com/oc) | USD 82,767,344 | 1.9% | reduce -14.45% | ## Total held by quarter - 2021 Q4: USD 67,526,129 · 1 holder · USD 31.20 - 2022 Q1: USD 150,297,466 · 1 holder · USD 32.89 - 2022 Q2: USD 93,583,361 · 1 holder · USD 23.49 - 2022 Q3: USD 102,029,369 · 1 holder · USD 25.61 - 2022 Q4: USD 91,949,935 · 1 holder · USD 23.08 - 2023 Q1: USD 102,148,888 · 1 holder · USD 25.64 - 2023 Q2: USD 87,806,611 · 1 holder · USD 22.04 - 2023 Q3: USD 83,583,607 · 1 holder · USD 20.98 - 2023 Q4: USD 97,979,316 · 1 holder · USD 24.42 - 2024 Q1: USD 91,920,808 · 1 holder · USD 22.91 - 2024 Q2: USD 93,639,846 · 1 holder · USD 23.38 - 2024 Q3: USD 100,929,175 · 1 holder · USD 25.20 - 2024 Q4: USD 88,380,756 · 1 holder · USD 29.41 - 2025 Q1: USD 79,876,249 · 1 holder · USD 26.58 - 2025 Q2: USD 76,300,149 · 1 holder · USD 25.39 - 2025 Q3: USD 91,896,753 · 1 holder · USD 30.58 - 2025 Q4: USD 93,150,312 · 1 holder · USD 37.00 - 2026 Q1: USD 82,767,344 · 1 holder · USD 38.43 - 2026 Q2: USD 0 · 0 holders