Stock fact sheet · data as of
CBL & Associates Properties, Inc. (CBL): fair value, margin of safety and Wheel Score
Real Estate · REIT - Retail · United States · High Growth
Is CBL undervalued?
CBL has a margin of safety of 71%: the stock closed at 48.84 on 16 Oct 2026 against a GLS average fair value of 170.00. 7 of the 9 valuation models that produced a number sit above the price. Our screens treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
There is a wide gap between DDM (34.21) and Graham Growth (409.56). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files CBL under High Growth: revenue and earnings growing fast enough that the growth-based models carry the valuation.
Nine valuation models for CBL
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 55.19 | +13% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 47.73 | -2% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 409.56 | +739% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 179.00 | +267% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 233.97 | +379% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 187.54 | +284% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 303.19 | +521% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 34.21 | -30% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 79.56 | +63% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -60.45 | -224% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
CBL & Associates Properties, Inc. scores 8 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the Sunday Scan's "6 or more" rule with room to spare. A GLS Moat score of 1.7/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are moderate - ROIC 5.3%, ROE 36.3%, ROA 5.0% - with debt at 5.79 times equity and a free-cash-flow yield of 18.7%. Debt of 5.79 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is high at 4.76% (payout ratio 31%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Operating Expense Reimbursements 47%, Management Developmentand Leasing Fees 26%, Marketing 16% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 8 / 9 | ROIC | 5.3% |
|---|---|---|---|
| GLS Moat | 1.7 / 10 | ROE | 36.3% |
| Debt / equity | 5.79 | ROA | 5.0% |
| Free-cash-flow yield | 18.7% | Payout ratio | 31% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 78: Good
With a Wheel Score of 78 - the Good band - CBL & Associates Properties, Inc. clears the Sunday Scan's "70 or higher" rule. The parts: Value 25/25, Health 18/20, Moat 3/15, Premium 20/20, Stability 12/20; Moat (3/15) scores lowest.
Implied volatility is 41% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 952 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 479k shares a day on a market cap of $1.5B, with a beta of 1.41 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 12 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 71% margin of safety | |
| Health | 18 / 20 | Piotroski 8/9 | |
| Moat | 3 / 15 | moat 1.7/10 | |
| Premium | 20 / 20 | implied volatility 41% | |
| Stability | 12 / 20 | 479k shares/day, $1.5B cap, beta 1.41 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 5 Nov 2026, 20 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium. The next ex-dividend date is 14 Dec 2026 (0.6250 per share).
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Retail
The 12 companies below are the closest to CBL & Associates Properties, Inc. by market cap within the REIT - Retail industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| GTY Getty Realty Corp. | 28.30 | 23.49 | -20% | 54Fair | $1.8B |
| NTST NETSTREIT Corp. | 17.30 | 9.33 | -85% | 56Fair | $1.8B |
| ALX Alexander's, Inc. | 234.68 | 229.82 | -2% | 36No options | $1.2B |
| IVT InvenTrust Properties Corp. | 29.88 | 39.63 | +25% | 76Good | $2.3B |
| FCPT Four Corners Property Trust, Inc. | 21.80 | 22.40 | +3% | 71Good | $2.4B |
| UE Urban Edge Properties | 19.18 | 14.88 | -29% | 53Fair | $2.4B |
| AKR Acadia Realty Trust | 18.53 | 8.39 | -121% | 56Fair | $2.5B |
| CURB Curbline Properties Corp. | 26.56 | 19.80 | -34% | 59Fair | $3.1B |
| BFS Saul Centers, Inc. | 29.14 | 64.32 | +55% | 72Good | $720M |
| SKT Tanger Inc. | 34.33 | 22.28 | -54% | 52Fair | $3.9B |
| PECO Phillips Edison & Co. | 37.58 | 31.75 | -18% | 58Fair | $4.8B |
| KRG Kite Realty Group Trust | 24.52 | 37.10 | +34% | 86Prime | $4.9B |
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Start free See the Sunday ScanQuestions about CBL
Is CBL undervalued right now?
By the GLS models, yes: at 48.84 the stock is 71% below the average fair value of 170.00 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of CBL and what does it mean?
CBL scores 78 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for CBL?
170.00 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does CBL & Associates Properties, Inc. report earnings next?
The next earnings report is due on 5 Nov 2026, 20 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does CBL have listed options, and how liquid are they?
Yes. The nightly snapshot found 198 listed contracts with 952 open interest across all expiries and implied volatility of 41% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.