CBL
CBL & Associates Properties, Inc.
NYSEUSDEQUITY
Real Estate
DELAYED
Neutral
+5/100
Last price
50.00
▼ 4.21 (7.77%)
MARKET · —
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1D
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Open
—
Prev close
54.21
Day high
53.58
Day low
49.45
Volume
799.95K
Market cap
$1.55B
P/E (TTM)
7.87
52W range
28.04 – 60.40
Trailing performance
Returnvs SPY
1W
-6.30%
-8.2%
1M
-9.06%
-10.2%
3M
-3.62%
-8.1%
6M
+21.98%
+3.8%
YTD
+35.14%
+20.9%
1Y
+67.06%
+50.6%
3Y
+138.32%
+56.1%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on CBL open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
-1.14M
Net selling
Buy transactions
3
7.28K shares
Sell transactions
9
1.15M shares
Net transactions
+12
Buys less sells
Sell : buy shares
157.9 : 1
Heavily one-sided
Insider-held shares
3.71M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 22, 26 | KHALILI JOSEPH Officer |
SELL | 6.76K | $366.65K | Direct |
| Sep 16, 26 | LEBOVITZ STEPHEN D Chief Executive Officer |
SELL | 50.00K | $2.64M | Direct |
| Sep 9, 26 | CURRY JEFFERY V. Officer |
STOCK | 1.80K | $0 | Direct |
| Sep 3, 26 | CURRY JEFFERY V. Officer |
SELL | 681 | $37.52K | Direct |
| Aug 18, 26 | REINSMIDT KATHRYN A. Chief Operating Officer |
SELL | 17.52K | $1.00M | Direct |
| Jun 18, 26 | GRODY HOWARD B Officer |
SELL | 5.73K | $275.14K | Direct |
| Jun 5, 26 | FIELDS DAVID MICHAEL Director |
SELL | 3.59K | $172.31K | Direct |
| Jun 2, 26 | JAENICKE BENJAMIN W Chief Financial Officer |
SELL | 6.50K | $314.99K | Direct |
| May 22, 26 | CANYON CAPITAL ADVISORS L L C Beneficial Owner of more than 10% of a Class of Security |
SELL | 1.05M | $48.76M | Indirect |
| May 14, 26 | COBB ANDREW FRANKLIN Officer |
SELL | 8.15K | $373.33K | Direct |
| Apr 8, 26 | CURRY JEFFERY V. Officer |
STOCK | 2.48K | $0 | Direct |
| Apr 6, 26 | CURRY JEFFERY V. Officer |
STOCK | 3.00K | $0 | Direct |
| Feb 11, 26 | LEBOVITZ STEPHEN D Chief Executive Officer |
STOCK | 243.06K | $0 | Direct |
| Feb 11, 26 | LEBOVITZ MICHAELI President |
STOCK | 71.65K | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
CANYON CAPITAL ADVISORS L L C |
Beneficial Owner of more than 10% of a Class of Security | — | Sale |
CONTIS DAVID J |
Director | 117.17K | Stock Award(Grant) |
CURRY JEFFERY V. |
Officer | 143.02K | Stock Gift |
GRODY HOWARD B |
Officer | 76.31K | Sale |
JAENICKE BENJAMIN W |
Chief Financial Officer | 130.61K | Sale |
LEBOVITZ ALAN L |
Officer | 86.41K | Stock Award(Grant) |
LEBOVITZ MICHAELI |
President | 113.60K | Stock Award(Grant) |
LEBOVITZ STEPHEN D |
Chief Executive Officer | 507.34K | Sale |
OCM XB CBL-E HOLDINGS, LLC |
Beneficial Owner of more than 10% of a Class of Security | — | Sale |
REINSMIDT KATHRYN A. |
Chief Operating Officer | 138.54K | Sale |
Fundamentals
Market cap$1.55B
Enterprise value$3.47B
Revenue (TTM)$588.15M
Gross profit$382.53M
EBITDA$329.66M
Net income$213.86M
EPS (TTM)$6.35
Free cash flow$226.26M
Total cash$101.28M
Total debt$2.03B
Book value / share$13.81
Shares outstanding30.94M
Float19.60M
Short % of float5.17%
Dividend yield5.00%
Beta (5Y)1.41
Valuation & profitability ratios
Trailing P/E7.87
Forward P/E—
PEG ratio—
Price / sales—
Price / book3.62
EV / revenue5.91
EV / EBITDA10.54
Gross margin65.04%
Operating margin30.53%
Profit margin36.96%
Return on equity61.93%
Return on assets3.86%
Debt / equity481.72
Current ratio0.47
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $578.37M | $515.56M | $535.29M | $563.01M | +12.2% |
| Operating revenue | $564.10M | $501.49M | $521.87M | $549.40M | +12.5% |
| Cost of revenue | $204.35M | $175.15M | $187.14M | $191.73M | +16.7% |
| Gross profit | $374.02M | $340.41M | $348.15M | $371.28M | +9.9% |
| Selling, general & admin | $69.04M | $67.25M | $64.07M | $67.22M | +2.7% |
| Total operating expense | $234.25M | $208.07M | $254.79M | $324.36M | +12.6% |
| Operating income | $139.77M | $132.34M | $93.36M | $46.92M | +5.6% |
| Net interest income | -$162.71M | -$138.77M | -$159.71M | -$212.40M | -17.3% |
| Pre-tax income | $135.00M | $58.17M | $4.10M | -$96.44M | +132.1% |
| Tax provision | $475.00K | $1.05M | $894.00K | $3.08M | -55.0% |
| Net income | $135.97M | $58.97M | $6.55M | -$93.48M | +130.6% |
| Net income to common | $133.88M | $57.76M | $5.43M | -$96.02M | +131.8% |
| Basic EPS | 4.41 | 1.87 | 0.17 | -3.20 | +135.8% |
| Diluted EPS | 4.34 | 1.87 | 0.17 | -3.20 | +132.1% |
| EBIT | $310.96M | $212.66M | $177.00M | $120.91M | +46.2% |
| EBITDA | $490.76M | $368.92M | $388.93M | $398.01M | +33.0% |
| Basic shares | 30.34M | 30.91M | 31.30M | 30.05M | -1.8% |
| Diluted shares | 30.84M | 30.96M | 31.30M | 30.05M | -0.4% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $42.29M | $40.79M | $34.19M | $44.72M | +3.7% |
| Cash & short-term investments | $335.37M | $283.94M | $296.33M | $337.14M | +18.1% |
| Accounts receivable | $46.49M | $45.59M | $43.44M | $40.62M | +2.0% |
| Total current assets | $494.09M | $500.90M | $431.41M | $650.13M | -1.4% |
| Goodwill & intangibles | $272.89M | $347.41M | $315.93M | $286.83M | -21.4% |
| Total assets | $2.73B | $2.75B | $2.41B | $2.68B | -0.7% |
| Total current liabilities | $193.64M | $221.65M | $186.49M | $200.31M | -12.6% |
| Long-term debt | $2.17B | $2.21B | $1.89B | $2.00B | -1.9% |
| Total debt | $2.17B | $2.21B | $1.89B | $2.11B | -1.9% |
| Total liabilities | $2.36B | $2.43B | $2.08B | $2.31B | -2.9% |
| Retained earnings | -$312.96M | -$371.83M | -$380.45M | -$338.93M | +15.8% |
| Shareholder equity | $374.94M | $323.55M | $339.32M | $370.54M | +15.9% |
| Working capital | $300.45M | $279.25M | $244.92M | $449.82M | +7.6% |
| Net tangible assets | $102.04M | -$23.86M | $23.39M | $83.71M | +527.7% |
| Shares issued | 30.32M | 30.71M | 31.98M | 31.78M | -1.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $134.53M | $57.12M | $3.20M | -$99.52M | +135.5% |
| Depreciation & amortisation | $179.79M | $156.26M | $211.93M | $277.11M | +15.1% |
| Stock-based compensation | $16.75M | $14.93M | $12.98M | $11.88M | +12.2% |
| Change in working capital | -$413.00K | $4.10M | -$19.30M | -$51.01M | -110.1% |
| Operating cash flow | $249.68M | $202.22M | $183.52M | $208.23M | +23.5% |
| Investing cash flow | -$115.11M | $65.01M | $1.70M | -$156.69M | -277.1% |
| Share buybacks | -$18.06M | -$36.46M | -$1.11M | $0 | +50.5% |
| Dividends paid | -$77.09M | -$50.36M | -$118.09M | -$23.87M | -53.1% |
| Financing cash flow | -$135.42M | -$236.50M | -$204.09M | -$145.80M | +42.7% |
| Free cash flow | $249.68M | $202.22M | $183.52M | $208.23M | +23.5% |
| End cash position | $152.95M | $153.80M | $123.08M | $141.95M | -0.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $146.48M | $145.97M | $156.42M | $139.28M | $140.91M | +0.4% |
| Operating revenue | $143.17M | $142.98M | $151.60M | $136.01M | $137.81M | +0.1% |
| Cost of revenue | $50.69M | $54.63M | $50.35M | $49.95M | $48.98M | -7.2% |
| Gross profit | $95.79M | $91.34M | $106.07M | $89.33M | $91.92M | +4.9% |
| Selling, general & admin | $14.78M | $18.59M | $15.36M | $17.79M | $15.19M | -20.5% |
| Total operating expense | $51.06M | $56.66M | $55.35M | $57.73M | $54.92M | -9.9% |
| Operating income | $44.72M | $34.68M | $50.72M | $31.60M | $37.00M | +28.9% |
| Net interest income | -$39.63M | -$36.54M | -$39.63M | -$41.53M | -$40.80M | -8.5% |
| Pre-tax income | $24.65M | $34.88M | $64.50M | $73.41M | -$3.91M | -29.3% |
| Tax provision | $642.00K | -$1.23M | $529.00K | $48.00K | $369.00K | +152.2% |
| Net income | $46.44M | $46.49M | $48.99M | $75.43M | $2.76M | -0.1% |
| Net income to common | $45.36M | $45.40M | $48.25M | $74.27M | $2.57M | -0.1% |
| Basic EPS | 1.50 | 1.50 | 1.60 | 2.44 | 0.08 | 0.0% |
| Diluted EPS | 1.47 | 1.48 | 1.56 | 2.38 | 0.08 | -0.7% |
| EBIT | $67.37M | $74.78M | $107.50M | $118.19M | $40.05M | -9.9% |
| EBITDA | $106.42M | $115.46M | $151.62M | $162.27M | $82.39M | -7.8% |
| Basic shares | 30.22M | 30.18M | 30.09M | 30.41M | 30.46M | +0.1% |
| Diluted shares | 30.94M | 30.68M | 31.09M | 31.31M | 30.74M | +0.8% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $101.28M | $122.74M | $42.29M | $52.59M | $100.33M | -17.5% |
| Cash & short-term investments | $302.45M | $283.01M | $335.37M | $313.02M | $287.99M | +6.9% |
| Accounts receivable | $41.83M | $39.32M | $46.49M | $37.56M | $35.65M | +6.4% |
| Total current assets | $447.31M | $414.02M | $494.09M | $460.82M | $462.42M | +8.0% |
| Goodwill & intangibles | $240.34M | $257.72M | $272.89M | $299.49M | $294.99M | -6.7% |
| Total assets | $2.64B | $2.65B | $2.73B | $2.73B | $2.60B | -0.3% |
| Total current liabilities | $180.97M | $179.24M | $193.64M | $208.58M | $185.72M | +1.0% |
| Long-term debt | $2.03B | $2.08B | $2.17B | $2.18B | $2.14B | -2.1% |
| Total debt | $2.03B | $2.08B | $2.17B | $2.18B | $2.14B | -2.1% |
| Total liabilities | $2.21B | $2.26B | $2.36B | $2.39B | $2.33B | -1.9% |
| Retained earnings | -$258.71M | -$285.81M | -$312.96M | -$348.23M | -$409.78M | +9.5% |
| Shareholder equity | $427.44M | $397.98M | $374.94M | $351.44M | $289.39M | +7.4% |
| Working capital | $266.35M | $234.78M | $300.45M | $252.24M | $276.71M | +13.4% |
| Net tangible assets | $187.09M | $140.26M | $102.04M | $51.95M | -$5.60M | +33.4% |
| Shares issued | 30.94M | 30.94M | 30.32M | 30.81M | 30.94M | -0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $46.32M | $46.38M | $48.92M | $75.06M | $2.16M | -0.1% |
| Depreciation & amortisation | $39.06M | $40.68M | $44.13M | $44.08M | $42.34M | -4.0% |
| Stock-based compensation | $2.50M | $2.36M | $4.16M | $4.31M | $4.29M | +5.6% |
| Change in working capital | $11.30M | -$4.17M | -$14.77M | $17.29M | $14.03M | +371.0% |
| Operating cash flow | $80.27M | $52.92M | $80.16M | $69.57M | $68.27M | +51.7% |
| Investing cash flow | -$31.71M | $83.29M | -$41.36M | -$171.81M | $46.61M | -138.1% |
| Share buybacks | $0 | -$1.34M | -$13.90M | -$4.16M | $0 | +100.0% |
| Dividends paid | -$24.76M | -$13.93M | -$13.72M | -$13.88M | -$12.37M | -77.8% |
| Financing cash flow | -$58.66M | -$76.44M | -$47.81M | $59.70M | -$33.53M | +23.3% |
| Free cash flow | $80.27M | $52.92M | $80.16M | $69.57M | $68.27M | +51.7% |
| End cash position | $202.62M | $212.72M | $152.95M | $161.96M | $204.50M | -4.7% |
Options analytics
Put / call volume
1.00
Call-heavy session
Put / call open interest
3.40
Positioning, not flow
Max pain
49.83
-0.3% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
+47.6%
Puts bid over calls
Call volume
6
Contracts, this expiry
Put volume
6
Contracts, this expiry
Heaviest call OI
34.83
1 contracts
Heaviest put OI
49.83
4 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Sep 2025 | — | 2.38 | — |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | — | — | $0 | — |
| Next quarter | — | — | $0 | — |
| Current year | 3.24 | 1 | $586.00M | — |
| Next year | — | — | $0 | — |
Analyst targets & ownership
Mean target$63.00
High target$66.00
Low target$60.00
Implied upside26.00%
Analyst count2
ConsensusNONE
Strong buy / Buy0 / 2
Hold0
Sell / Strong sell0 / 0
Held by insiders12.00%
Held by institutions80.45%
Institutions holding328
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
52.96
-5.59% from price
SMA 20
53.53
-6.60% from price
SMA 50
55.26
-9.52% from price
SMA 100
53.01
-5.68% from price
SMA 200
46.03
+8.62% from price
EMA 12
53.17
-5.96% from price
EMA 26
53.77
-7.01% from price
EMA 50
53.91
-7.25% from price
RSI (14)
32.5
Neutral
MACD (12,26,9)
-0.60
Hist -0.06
ATR (14)
1.53
3.06% of price
Realised vol 30D
28.5%
Annualised
Bollinger upper
55.92
20, 2σ
Bollinger lower
51.15
20, 2σ
50 / 200 cross
Golden
55.26 vs 46.03
Trend bias
Above 200
+8.62%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.22
Less volatile than market
Correlation to SPY
0.10
Largely independent
Realised vol 30D
28.5%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-16.7%
Peak to trough
Max drawdown 5Y
-39.4%
Peak to trough
ATR 14
1.53
3.06% of price
Beta (reported)
1.41
5Y monthly, from filing
Short interest
Shares short
1.08M
Prior 1.10M
Change vs prior
-1.9%
Shorts covering
% of float
5.17%
Normal
% of shares out
3.48%
Against total outstanding
Days to cover
5.0
Crowded exit
Float
19.60M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jun 10, 26 | Ladenburg Thalmann | MAINTAINED | Buy | Buy |
| May 12, 26 | Ladenburg Thalmann | MAINTAINED | Buy | Buy |
| Dec 3, 25 | Ladenburg Thalmann | INITIATED | — | Buy |
Dividends & splits
Forward rate$2.50 / yr
Forward yield5.00%
5-year avg yield3.83%
Payout ratio28.66%
Ex-dividend dateSep 15, 2026
Next pay dateSep 30, 2026
Last split—
Split date—
SEC filings
Periodic Financial Reports
10-Q · 2026-08-07
Offering Registrations
S-3ASR · 2026-06-17
Corporate Changes & Voting Matters
8-K · 2026-05-26
Corporate Changes & Voting Matters
8-K · 2026-05-08
Proxy Statements
DEF 14A · 2026-04-22
Corporate Changes & Voting Matters
8-K · 2026-04-02
Corporate Changes & Voting Matters
8-K · 2026-03-19
Periodic Financial Reports
10-K · 2026-03-03
Headlines
CBL Properties Closes Two Strategic Land Sales, Bringing Year-to-Date Land Sale Proceeds to More Than $30 Million
Business Wire · 7d ago
CBL & Associates Properties Insider Sold Shares Worth $351,684, According to a Recent SEC Filing
MT Newswires · 12d ago
CBL & Associates Properties Insider Sold Shares Worth $366,653, According to a Recent SEC Filing
MT Newswires · 14d ago
CBL Gains More than 77% in a Year: What's Driving the Stock?
Zacks · 15d ago
CBL & Associates Properties (CBL) Could Be 22% Above Fair Value On Mixed Valuation Signals
Simply Wall St. · 16d ago
CBL & Associates CEO Lebovitz Sells 50,000 Shares for $2.6 Million
Motley Fool · 19d ago
CBL & Associates Properties Insider Sold Shares Worth $2,641,425, According to a Recent SEC Filing
MT Newswires · 20d ago
Malls Were Left for Dead. Now They Are the Top Performer in Commercial Real Estate.
The Wall Street Journal · 23d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
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