CBL & Associates Properties
CBL on NYSE. Real estate investment trusts. Market value $1.7bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$50.00 a share, 78% above its 1-year low
Over the past year the price has ranged from $28.03 to $60.40.
Dividend: 4.3% a year
Paid every year for 4 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | $563m | $535m | $516m | $578m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 4.58 | 5.40 | 5.57 | 6.84 | 5.79 |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt5.79× equity
- Revenue growth, five yearsSlow, 0.1% a year
- Buying back its own sharesYes, 3% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $146 million last quarter, up 4% on a year ago.
- Profit: $46 million, up 1583% on a year ago.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $1.9 billion more than cash, down from $2 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $125m |
| December 2024 | $132m |
| March 2025 | $142m |
| June 2025 | $141m |
| September 2025 | $139m |
| December 2025 | $156m |
| March 2026 | $146m |
| June 2026 | $146m |
| Quarter to | Amount |
|---|---|
| September 2024 | $16m |
| December 2024 | $38m |
| March 2025 | $9m |
| June 2025 | $3m |
| September 2025 | $75m |
| December 2025 | $49m |
| March 2026 | $46m |
| June 2026 | $46m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 March 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
3 long-term investors we follow own it, down from 4 last quarter. 228 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $24m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $19m | <0.1% | Cut |
| Barrow HanleyBarrow Hanley team | $8,229 | <0.1% | New |
Sold out this quarter
Largest holders overall
- Canyon Capital Advisors$394mCut
- BlackRock$109mAdded
- Vanguard Portfolio Management$47mAdded
- Vanguard Capital Management$42mAdded
- State Street$35mAdded
- Taconic Capital Advisors LP$32m
- Geode Capital Management$30mAdded
- Charles Schwab Investment Management$24mAdded
- LSV Asset Management$24mAdded
- Mirae Asset Global Etfs Holdings$22mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- at least 24.0%(filed with 2 related holders)Since 22 May 2026
- Amster HowardPassive investorat least 7.8%(filed with 14 related holders)Since 27 August 2026
- BlackRock, Inc.Passive investor5.1%+0.1 ptsSince 31 December 2025
- OCM Xb CBL-E Holdings, LLCPassive investorat least 2.6%−5.6 pts(filed with 2 related holders)Since 31 March 2026
- OFM II, L.P.Passive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
at least 24.0% (filed with 2 related holders) | 22 May 2026 | ||
Amster Howard Passive investor | at least 7.8% (filed with 14 related holders) | 27 August 2026 | |
BlackRock, Inc. Passive investor | 5.1%+0.1 pts | 31 December 2025 | |
OCM Xb CBL-E Holdings, LLC Passive investor | at least 2.6%−5.6 pts (filed with 2 related holders) | 31 March 2026 | |
OFM II, L.P. Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $127,375 of shares on the open market. 9 sold $6m.
- Cope JenniferEVP Ops Services & Risk MgmtSold
- Date
- 24 September 2026
- Shares
- 6,763
- Price
- $52.00
- Value
- $351,684
- Khalili JosephEVP Financial Planning & AnlysSold
- Date
- 22 September 2026
- Shares
- 6,763
- Price
- $54.21
- Value
- $366,653
- LEBOVITZ STEPHEN DCEO, DirectorSold
- Date
- 16 September 2026
- Shares
- 50,000
- Price
- $52.83
- Value
- $3m
- Curry Jeffery V.Chief Legal Officer & Sec.Sold
- Date
- 3 September 2026
- Shares
- 681
- Price
- $55.10
- Value
- $37,523
- Reinsmidt Kathryn A.EVP - Chief Operating OfficerSold
- Date
- 18 August 2026
- Shares
- 17,515
- Price
- $57.10
- Value
- $1m
- Grody Howard B.Exec VP-LeasingSold
- Date
- 18 June 2026
- Shares
- 5,728
- Price
- $48.04
- Value
- $275,148
- Fields David MichaelDirectorSold
- Date
- 5 June 2026
- Shares
- 3,592
- Price
- $47.97
- Value
- $172,308
- Jaenicke Benjamin WEVP - Chief Financial OfficerSold
- Date
- 2 June 2026
- Shares
- 6,500
- Price
- $48.46
- Value
- $314,988
- Cobb Andrew FranklinExec VP-AccountingSold
- Date
- 14 May 2026
- Shares
- 8,150
- Price
- $45.80
- Value
- $373,296
- Curry Jeffery V.Chief Legal Officer & Sec.Sold
- Date
- 2 December 2025
- Shares
- 5,000
- Price
- $33.33
- Value
- $166,650
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 24 September 2026 | Cope Jennifer EVP Ops Services & Risk Mgmt | Sold | 6,763 | $52.00 | $351,684 |
| 22 September 2026 | Khalili Joseph EVP Financial Planning & Anlys | Sold | 6,763 | $54.21 | $366,653 |
| 16 September 2026 | LEBOVITZ STEPHEN D CEO, Director | Sold | 50,000 | $52.83 | $3m |
| 3 September 2026 | Curry Jeffery V. Chief Legal Officer & Sec. | Sold | 681 | $55.10 | $37,523 |
| 18 August 2026 | Reinsmidt Kathryn A. EVP - Chief Operating Officer | Sold | 17,515 | $57.10 | $1m |
| 18 June 2026 | Grody Howard B. Exec VP-Leasing | Sold | 5,728 | $48.04 | $275,148 |
| 5 June 2026 | Fields David Michael Director | Sold | 3,592 | $47.97 | $172,308 |
| 2 June 2026 | Jaenicke Benjamin W EVP - Chief Financial Officer | Sold | 6,500 | $48.46 | $314,988 |
| 14 May 2026 | Cobb Andrew Franklin Exec VP-Accounting | Sold | 8,150 | $45.80 | $373,296 |
| 2 December 2025 | Curry Jeffery V. Chief Legal Officer & Sec. | Sold | 5,000 | $33.33 | $166,650 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Mar 2026, plus the 10-Q filed 7 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 5.8× its equity.
- Sales have barely grown: 0.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.