WallStSmart

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

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Smart Verdict

WallStSmart Research — data-driven comparison

Realty Income Corporation generates 931% more annual revenue ($6.07B vs $588.15M). CBL leads profitability with a 37.0% profit margin vs 20.9%. CBL trades at a lower P/E of 7.7x. O earns a higher WallStSmart Score of 66/100 (B-).

CBL

Strong Buy

66

out of 100

Grade: B-

Growth: 6.0Profit: 9.0Value: 5.7Quality: 5.0
Piotroski: 6/9Altman Z: 0.65

O

Strong Buy

66

out of 100

Grade: B-

Growth: 8.0Profit: 6.5Value: 3.3Quality: 5.5
Piotroski: 3/9Altman Z: 0.64
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

CBLSignificantly Overvalued (-47.4%)

Margin of Safety

-47.4%

Fair Value

$23.97

Current Price

$51.91

$27.94 premium

UndervaluedFair: $23.97Overvalued
OOvervalued (-5.5%)

Margin of Safety

-5.5%

Fair Value

$61.11

Current Price

$55.41

$5.70 premium

UndervaluedFair: $61.11Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

CBL5 strengths · Avg: 10.0/10
P/E RatioValuation
7.7x10/10

Attractively priced relative to earnings

Return on EquityProfitability
43.6%10/10

Every $100 of equity generates 44 in profit

Profit MarginProfitability
37.0%10/10

Keeps 37 of every $100 in revenue as profit

Operating MarginProfitability
30.5%10/10

Strong operational efficiency at 30.5%

EPS GrowthGrowth
1738.0%10/10

Earnings expanding 1738.0% YoY

O6 strengths · Avg: 9.7/10
Price/BookValuation
1.3x10/10

Reasonable price relative to book value

Operating MarginProfitability
47.0%10/10

Strong operational efficiency at 47.0%

EPS GrowthGrowth
69.2%10/10

Earnings expanding 69.2% YoY

Debt/EquityHealth
0.0710/10

Conservative balance sheet, low leverage

Market CapQuality
$52.62B9/10

Large-cap with strong market position

Profit MarginProfitability
20.9%9/10

Keeps 21 of every $100 in revenue as profit

Areas to Watch

CBL4 concerns · Avg: 2.5/10
Revenue GrowthGrowth
4.0%4/10

4.0% revenue growth

Market CapQuality
$1.67B3/10

Smaller company, higher risk/reward

Altman Z-ScoreHealth
0.652/10

Distress zone — elevated risk

Debt/EquityHealth
4.761/10

Elevated debt levels

O4 concerns · Avg: 2.5/10
Return on EquityProfitability
3.3%3/10

ROE of 3.3% — below average capital efficiency

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

PEG RatioValuation
2.852/10

Expensive relative to growth rate

P/E RatioValuation
41.2x2/10

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 37.0% and operating margin at 30.5%.

Bull Case : O

The strongest argument for O centers on Price/Book, Operating Margin, EPS Growth. Profitability is solid with margins at 20.9% and operating margin at 47.0%.

Bear Case : CBL

The primary concerns for CBL are Revenue Growth, Market Cap, Altman Z-Score. Debt-to-equity of 4.76 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 41.2x leaves little room for execution misses.

Key Dynamics to Monitor

CBL profiles as a value stock while O is a mature play — different risk/reward profiles.

CBL carries more volatility with a beta of 1.41 — expect wider price swings.

O is growing revenue faster at 9.6% — sustainability is the question.

CBL generates stronger free cash flow (80M), providing more financial flexibility.

Bottom Line

CBL scores higher overall (66/100 vs 66/100), backed by strong 37.0% margins. Both earn "Strong Buy" and "Strong 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 prominent real estate investment trust (REIT) that focuses on acquiring, managing, and redeveloping shopping malls and retail properties throughout the United States. In response to evolving consumer preferences, CBL adopts a forward-thinking strategy that incorporates mixed-use developments and experiential retail environments, enhancing tenant engagement and driving operational efficiency. Through innovative asset management and sustainable practices, the company aims to maximize property value, positioning itself as a strong investment opportunity for institutional investors seeking stability and growth 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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