Cbl & Associates Properties Inc. (CBL) intrinsic value & 10-year financials
Cbl & Associates Properties Inc. (CBL) has a Graham intrinsic value of $91.74 per share. At $49.47 on Oct 17, 2026, the stock trades 46% below that value. Over the last 10 fiscal years revenue shrank 36.9% a year to $16.2M, with an average return on invested capital of -0.1%.
- Graham intrinsic value
- $91.74
- Share price (Oct 17, 2026)
- $49.47
- Price vs Graham value
- 46% below
- Market cap
- $1.5B
- Revenue (FY2025)
- $16.2M
- Revenue growth (10-yr CAGR)
- -36.9%
- ROIC (10-yr avg)
- -0.1%
- Free cash flow (FY2025)
- —
CBL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $16.2M | $136.0M | $4.34 | — | — | 5.4% |
| FY2024 | $18.6M | $59.0M | $1.87 | — | — | 2.5% |
| FY2023 | $18.9M | $6.5M | $0.00 | — | — | 0.3% |
| FY2022 | $17.9M | -$93.5M | -$0.00 | — | — | -4.2% |
| FY2021 | — | — | — | — | — | — |
| FY2020 | $18.5M | -$295.1M | -$0.00 | — | — | -9.9% |
| FY2019 | $25.2M | -$108.8M | — | — | — | -2.3% |
| FY2018 | $25.3M | -$78.6M | — | — | — | -1.5% |
| FY2017 | $927.3M | $120.9M | $0.00 | — | 25.1% | 4.2% |
| FY2016 | $1.0B | $172.9M | $0.00 | — | 24.7% | 4.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CBL & ASSOCIATES PROPERTIES INC is facing top-line stagnation, with revenue contracting over the decade.
CBL & ASSOCIATES PROPERTIES INC has historically struggled to out-earn its cost of capital, averaging just -0.1% ROIC.
Over the decade, CBL & ASSOCIATES PROPERTIES INC shows that management has aggressively returned capital to shareholders by retiring 100.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CBL & ASSOCIATES PROPERTIES INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $91.74 per share.