企業概要
CBL & Associates Properties, Inc. is an owner and manager of a national portfolio of market-dominant properties situated within dynamic and growing communities across the United States. The company operates within the Real Estate sector, specifically classified under the REIT - Retail industry, which focuses on acquiring, developing, and managing shopping centers that generate income through rental agreements and percentage rents. At a macroeconomic scale, the entity manages a market capitalization of $1.32 billion and employs a workforce of 408 individuals to oversee its extensive asset base. This scale is further evidenced by its Trailing Twelve Months (TTM) revenue of $578.37 million, indicating a substantial operational footprint that spans 23 states and includes 56 high-quality enclosed malls totaling 55.6 million square feet. The combination of a $1.32 billion market cap and nearly $578.4 million in annual revenue positions CBL as a mid-to-large-cap player capable of influencing local retail dynamics while maintaining a significant presence in the national retail real estate landscape.
財務健全性
The company reported a TTM revenue of $578.37 million, generating net income of $133.88 million and an EBITDA of $319.56 million, revealing a cost structure where operating expenses and interest obligations absorb approximately $144.99 million of the EBITDA to arrive at the final net income figure. Free cash flow stands at $233.50 million, a metric that signifies the company's robust financial flexibility to fund capital expenditures, service debt obligations, or pursue opportunistic acquisitions without immediate reliance on external financing. The gross margin of 64.7% reflects the high-margin nature of the REIT business model where most costs are fixed lease expenses, while the operating margin of 32.4% and profit margin of 23.5% demonstrate effective control over overhead costs and interest rates relative to the top line. However, the balance sheet presents a leveraged profile with total debt of $2.17 billion compared to cash holdings of only $42.29 million, resulting in a debt-to-equity ratio of 595.27% that indicates significant reliance on borrowed capital. Short-term liquidity appears constrained by a current ratio of 0.14, suggesting that current assets are insufficient to cover current liabilities without drawing on long-term resources or refinancing capabilities. Return on Equity (ROE) of 39.7% and Return on Assets (ROA) of 3.2% illustrate that while management generates high returns on shareholder capital, the asset base is large relative to the equity invested, which is typical for high-leverage REIT structures.
バリュエーション評価
Valuation metrics for CBL include a P/E Ratio (TTM) of 9.83 and a Forward P/E of -109.44, implying that expected future earnings are currently negative or not yet realized, which distorts the forward multiple and suggests the market prices in a potential earnings contraction or a non-standard earnings transition. The price-to-book ratio stands at 3.45, indicating that the market values the company at more than three times its book value, reflecting a premium assigned to the quality of its underlying assets and the stability of its lease portfolios. Alternative valuation measures such as a price-to-sales ratio of 2.29 and an EV/EBITDA of 10.77 provide context on how the stock is priced relative to its sales volume and operating cash generation, respectively, offering a broader view than earnings multiples alone. Regarding price momentum, the stock has traded between a 52-week low of $21.10 and a high of $42.96, placing the current trading environment within a wide historical range that reflects significant volatility over the past year. The beta value of 1.44 indicates that the stock's price volatility is 44% higher than the broader market, suggesting that investors should expect larger swings in share price compared to the S&P 500 during periods of market turbulence.
Growth & Income
Growth dynamics are characterized by a revenue growth rate of 18.8% year-over-year and an earnings growth rate of 24.9% year-over-year, demonstrating that profitability is expanding at a faster pace than top-line sales, which implies improving operational leverage or margin expansion within the portfolio. As a dividend-paying entity, CBL offers a dividend yield of 4.2% with a payout ratio of 39.2%, a structure that suggests the dividend is supported by a substantial portion of earnings, leaving room for retention of earnings to bolster the balance sheet. The sustainability of the payout is reinforced by the high Return on Equity, ensuring that the 39.2% payout does not compromise the capital base required to maintain the company's debt obligations and property maintenance needs. Overall, the growth and income profile presents a company with accelerating earnings, a generous yield, and a leveraged balance sheet that balances high returns on equity against significant debt exposure.