WallStSmart

CBL & Associates Properties Inc (CBL)vsRealty Income Corporation (O)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Realty Income Corporation generates 941% more annual revenue ($5.76B vs $553.64M). CBL leads profitability with a 22.6% profit margin vs 18.4%. CBL trades at a lower P/E of 8.1x. CBL earns a higher WallStSmart Score of 70/100 (B).

CBL

Strong Buy

70

out of 100

Grade: B

Growth: 6.7Profit: 8.0Value: 8.3Quality: 4.3
Piotroski: 5/9

O

Buy

64

out of 100

Grade: C+

Growth: 8.0Profit: 6.5Value: 2.0Quality: 4.3
Piotroski: 3/9Altman Z: 0.77
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

CBLUndervalued (+81.1%)

Margin of Safety

+81.1%

Fair Value

$187.20

Current Price

$37.41

$149.79 discount

UndervaluedFair: $187.20Overvalued
OSignificantly Overvalued (-17.8%)

Margin of Safety

-17.8%

Fair Value

$54.76

Current Price

$60.06

$5.30 premium

UndervaluedFair: $54.76Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

CBL4 strengths · Avg: 9.3/10
P/E RatioValuation
8.1x10/10

Attractively priced relative to earnings

Return on EquityProfitability
38.6%10/10

Every $100 of equity generates 39 in profit

Profit MarginProfitability
22.6%9/10

Keeps 23 of every $100 in revenue as profit

Operating MarginProfitability
22.7%8/10

Strong operational efficiency at 22.7%

O5 strengths · Avg: 9.0/10
Price/BookValuation
1.4x10/10

Reasonable price relative to book value

Operating MarginProfitability
47.0%10/10

Strong operational efficiency at 47.0%

Market CapQuality
$56.58B9/10

Large-cap with strong market position

EPS GrowthGrowth
41.2%8/10

Earnings expanding 41.2% YoY

Free Cash FlowQuality
$1.15B8/10

Generating 1.2B in free cash flow

Areas to Watch

CBL3 concerns · Avg: 2.7/10
EPS GrowthGrowth
3.6%4/10

3.6% earnings growth

Market CapQuality
$993.50M3/10

Smaller company, higher risk/reward

Debt/EquityHealth
5.791/10

Elevated debt levels

O4 concerns · Avg: 2.5/10
Return on EquityProfitability
2.7%3/10

ROE of 2.7% — below average capital efficiency

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

PEG RatioValuation
5.752/10

Expensive relative to growth rate

P/E RatioValuation
51.7x2/10

Premium valuation, high expectations priced in

Comparative Analysis Report

WallStSmart Research

Bull Case : CBL

The strongest argument for CBL centers on P/E Ratio, Return on Equity, Profit Margin. Profitability is solid with margins at 22.6% and operating margin at 22.7%. Revenue growth of 11.3% demonstrates continued momentum.

Bull Case : O

The strongest argument for O centers on Price/Book, Operating Margin, Market Cap. Profitability is solid with margins at 18.4% and operating margin at 47.0%. Revenue growth of 11.0% demonstrates continued momentum.

Bear Case : CBL

The primary concerns for CBL are EPS Growth, Market Cap, Debt/Equity. Debt-to-equity of 5.79 is elevated, increasing financial risk.

Bear Case : O

The primary concerns for O are Return on Equity, Piotroski F-Score, PEG Ratio. A P/E of 51.7x leaves little room for execution misses.

Key Dynamics to Monitor

CBL carries more volatility with a beta of 1.53 — expect wider price swings.

CBL is growing revenue faster at 11.3% — sustainability is the question.

O generates stronger free cash flow (1.2B), providing more financial flexibility.

Monitor REIT - RETAIL industry trends, competitive dynamics, and regulatory changes.

Bottom Line

CBL scores higher overall (70/100 vs 64/100), backed by strong 22.6% margins and 11.3% revenue growth. Both earn "Strong Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

CBL & Associates Properties Inc

REAL ESTATE · REIT - RETAIL · USA

CBL & Associates Properties Inc. is a leading real estate investment trust (REIT) specializing in the acquisition, management, and redevelopment of shopping malls and retail properties across the United States. The company is adept at navigating the evolving retail landscape by incorporating mixed-use developments and experiential offerings that enhance tenant engagement and operational efficiency. CBL is committed to maximizing asset value through innovative investment and management strategies, while also prioritizing sustainability within its operations. With its strategic focus on sustainable growth and enhancing shareholder value, CBL presents a compelling investment opportunity for institutional investors seeking long-term returns in the retail real estate sector.

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Realty Income Corporation

REAL ESTATE · REIT - RETAIL · USA

Realty Income Corporation is a real estate investment trust that invests in free-standing, single-tenant commercial properties in the United States, Puerto Rico, and the United Kingdom that are subject to NNN Leases. The company is organized in Maryland with its headquarters in San Diego, California.

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