The business behind the dividend
| Measure | CBL | Median | Formula |
|---|---|---|---|
| Return on equity | 36.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $115.14m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $63.69m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | 5.80x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.84x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -4.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio, Interest cover, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 36.3% | 18.2% | 1.9% | -25.2% | -55.5% | -13.5% | -8.1% | 9.8% | 12.9% | — | 1.9% |
| Return on capital employed | — | — | — | — | — | — | — | 4.3% | 4.4% | — | 4.3% |
| Operating margin | — | — | — | — | — | — | — | 25.1% | 24.7% | 26.3% | 25.1% |
| Net margin | — | — | 34.7% | -523.7% | — | -431.8% | -311.0% | 13.0% | 16.8% | 9.8% | 9.8% |
| Debt to equity | 5.80x | 6.84x | 5.57x | 5.40x | 2.23x | 4.37x | 4.19x | 3.42x | 3.33x | — | 4.37x |
| Cash conversion | 1.84x | 3.43x | 28.03x | — | — | — | — | 3.56x | — | — | 3.56x |
How it compares in real estate
Among the 99 real estate companies here measured on funds from operations, CBL & Associates Properties pays out less than 90 of them. The median for that group is 67.5%, against this company’s 25.6%.
Closest on funds from operations
- ST JOE (JOE) 20.9%
- Service Properties Trust (SVC) 23.4%
- Summit Hotel Properties (INN) 26.0%
- Douglas Emmett (DEI) 30.7%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →