CBL & Associates Properties, Inc. Financial Ratios — CBL

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	-125.04	- -	-24.38	1.84	17.79	38.93
Return on Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	-13.28	- -	-3.32	0.26	2.29	4.97
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.18	8.96	12.36
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.11	5.48	5.5
Gross Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	69.99	67.37	- -	65.95	65.04	66.03	64.67
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	61.4	57.83	- -	57.55	57.03	55.98	55.25
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	28.1	20.59	- -	8.33	17.44	25.67	24.17
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	28.1	50.54	20.59	8.33	-167.48	-197.63	11.83
Pretax Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	-16.73	-55.34	- -	-17.13	0.77	11.28	23.34
Profit Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	-14.15	-51.24	- -	-16.6	1.22	11.44	23.51
Net Income to Common Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	-19.99	-57.74	- -	-16.6	1.22	11.44	23.51
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	21.82	1.81	0.35
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	-7.38	9.05	- -	-22.62	-85,574.64	91.12	57.93
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	-113.72	- -	-29.9	1,580.1	1.58	16.38

Credit (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,742	2,360	2,111	1,889	2,213	2,171
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	676	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,066	2,360	2,111	1,889	2,213	2,171
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.24	- -	6.51	6.19	7.67	6.79
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.03	- -	6.03	6.08	7.53	6.66
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.56	- -	44.99	20.23	16.72	15.53
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	30.99	- -	41.67	19.87	16.41	15.23
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	2.29	1.66	- -	1.49	1.77	1.87	1.82
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	2.29	1.66	- -	1.49	1.77	1.87	1.82
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	1.05	0.59	- -	0.22	0.54	0.86	0.79
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	206	201	- -	217	173	154	176
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.97	13.45	13.84	14.1	11.78	13.74
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	574.21	588.5	574.95	571.3	707.23	595.27
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	71.71	85.48	85.18	85.1	87.61	85.62
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	69.01	80.13	78.81	78.51	80.54	79.54
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	700.78	588.5	574.95	571.3	707.23	595.27
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	87.51	85.48	85.18	85.1	87.61	85.62
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	84.22	80.13	78.81	78.51	80.54	79.54
Net Debt to Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	688.07	508.36	532.64	560.96	694.2	583.67
Net Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	87.19	78.67	80.37	84.87	87.41	85.37
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	472	333	- -	324	305	289	320
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	472	333	- -	324	305	289	320
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	216	119	- -	47	93	132	140

Liquidity (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.35	1.73	1.68	1.59	1.28	1.73
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.48	3.17	3.25	2.31	2.26	2.55
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.48	3.17	2.76	1.84	1.5	1.98
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.32	- -	1.08	0.95	0.99	1.2
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.97	13.45	13.84	14.1	11.78	13.74
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	574.21	588.5	574.95	571.3	707.23	595.27
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	71.71	85.48	85.18	85.1	87.61	85.62
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	69.01	80.13	78.81	78.51	80.54	79.54
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	700.78	588.5	574.95	571.3	707.23	595.27
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	87.51	85.48	85.18	85.1	87.61	85.62
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	84.22	80.13	78.81	78.51	80.54	79.54
CFO/Total Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.41	- -	9.01	8.84	8.31	10.56
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.37	0.26	0.52	0.52	0.54	0.68

Working Capital (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.11	- -	17.11	12.74	11.58	12.56
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.85	- -	21.33	28.66	31.52	29.06
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.85	- -	21.33	28.66	31.52	29.06
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.85	- -	21.33	28.66	31.52	29.06
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	648	733	781	903	1,122
- Cash & Cash Equivalents	- -	- -	- -	- -	- -	- -	- -	- -	- -	62	170	45	34	41	42
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	5	-3	-9	-11	-10
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,742	2,360	2,111	1,889	2,213	2,171
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,450	2,694	2,504	2,365	2,821	2,947
Total Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	4,276	2,762	2,478	2,219	2,526	2,535
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	87.51	85.48	85.18	85.1	87.61	85.62
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.08	0.88	0.84	0.8	0.78	0.74
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.99	- -	4.45	4.42	5.47	5.1
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	10.36	- -	7.73	7.75	9.78	9.22
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	29.09	- -	53.36	25.33	21.32	21.09
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	10.01	- -	5.79	7.42	7.97	6.93
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	10.01	- -	5.79	7.42	7.97	6.93
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	693	764	911	1,141
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,683	2,196	2,756	2,610	3,072	3,259
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	172.58	129.68	78.78	73.95	91.86	97.19
TTM Sales	- -	- -	- -	- -	- -	- -	- -	- -	769	576	- -	563	535	516	578
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	472	333	- -	324	305	289	320
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	216	119	- -	47	93	132	140
TTM Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	485	345	- -	433	319	354	425
TTM Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	485	345	- -	433	319	354	425

Multiples (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.33	4.17	4.5	4.57
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	29.09	- -	53.36	25.33	21.32	21.09
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,450	2,694	2,504	2,365	2,821	2,947
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26.25	21.66	19.9	20.97	21.1
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.99	- -	4.45	4.42	5.47	5.1
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	10.36	- -	7.73	7.75	9.78	9.22
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	116.78	15.41	8.26
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-9.03	111.21	13.04	6.47
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-11.22	130.93	16.88	8.63
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-6.96	95.16	10.99	4.71
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.64	1.98	2.3	2.79	2.99
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.59	2.41	2.19	2.36	2.34
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.28	2.99	2.58	3.06	3.13
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.38	1.86	1.88	1.99	1.71
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-6.96	8.76	33.38	-37.85	10.99
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-6.74	10.66	31.79	-32.02	8.61
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-9.7	13.25	37.43	-41.44	11.49
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-5.85	8.22	27.2	-26.99	6.27
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.23	1.43	1.76	1.94
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.5	1.36	1.49	1.52
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.86	1.6	1.93	2.03
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.16	1.16	1.26	1.11
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.33	4.17	4.49	4.5
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.05	3.97	3.8	3.52
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.04	4.67	4.92	4.7
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.13	3.39	3.2	2.56
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.05	3.97	3.81	3.58
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.04	4.67	4.93	4.78
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.13	3.39	3.21	2.61
EV/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.4	- -	5.25	4.84	5.67	5.18
EV/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.4	- -	5.63	5.08	6.11	5.69
EV/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.4	- -	4.89	4.64	5.44	4.77
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.06	- -	9.12	8.48	10.14	9.38
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.06	- -	9.79	8.91	10.92	10.3
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	11.06	- -	8.49	8.13	9.72	8.63
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.06	- -	62.98	27.74	22.1	21.44
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.06	- -	67.6	29.15	23.8	23.54
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.06	- -	58.63	26.59	21.2	19.73
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.2	23.08	24.42	29.41	37
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	43.5	34.91	27.38	32.2	38.67
Enterprise Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,683	2,824	2,955	2,590	2,925	2,997
Enterprise Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,683	3,100	3,172	2,721	3,150	3,291
Enterprise Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	3,683	2,741	2,751	2,482	2,805	2,758

Shares Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	20	21	32	32	31	30
Diluted Weighted Avg Shares	148	155	167	170	170	171	171	172	196	196	- -	30	31	31	31
Basic Weighted Avg Shares	148	155	167	170	170	171	171	172	196	196	- -	30	31	31	30
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	3.91	2.93	- -	18.74	17.1	16.68	19.06
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	2.4	1.7	- -	10.78	9.75	9.34	10.53
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	1.1	0.6	- -	1.56	2.98	4.28	4.61
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	-0.78	-1.69	- -	-3.11	0.21	1.91	4.48
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	-0.67	-1.71	- -	-3.31	0.1	1.85	4.43
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	-0.78	-1.69	- -	-3.11	0.21	1.9	4.41
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	-0.67	-1.71	- -	-3.31	0.1	1.84	4.36
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	0.3	- -	- -	0.79	3.77	1.63	2.54
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	1.39	0.68	- -	6.93	5.86	6.54	8.23
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	1.39	0.68	- -	6.93	5.86	6.54	8.23
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.75	15.38	10.61	9.27	9.25	11.06
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	26.6	19.07	11.66	10.61	10.54	12.37
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	19.71	-4.49	2.63	0.73	-0.78	3.37

CBL & Associates Properties, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)