WallStSmart

CBL & Associates Properties Inc (CBL)vsWelltower Inc (WELL)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Welltower Inc generates 1934% more annual revenue ($11.77B vs $578.37M). CBL leads profitability with a 23.5% profit margin vs 12.0%. CBL trades at a lower P/E of 10.4x. CBL earns a higher WallStSmart Score of 68/100 (B-).

CBL

Strong Buy

68

out of 100

Grade: B-

Growth: 6.7Profit: 8.5Value: 8.3Quality: 4.3
Piotroski: 5/9

WELL

Buy

57

out of 100

Grade: C

Growth: 10.0Profit: 5.5Value: 2.0Quality: 6.5
Piotroski: 4/9Altman Z: 1.20
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

CBLUndervalued (+55.5%)

Margin of Safety

+55.5%

Fair Value

$79.47

Current Price

$45.02

$34.45 discount

UndervaluedFair: $79.47Overvalued
WELLSignificantly Overvalued (-58.0%)

Margin of Safety

-58.0%

Fair Value

$131.57

Current Price

$217.34

$85.77 premium

UndervaluedFair: $131.57Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

CBL6 strengths · Avg: 9.2/10
P/E RatioValuation
10.4x10/10

Attractively priced relative to earnings

Return on EquityProfitability
39.7%10/10

Every $100 of equity generates 40 in profit

Operating MarginProfitability
32.4%10/10

Strong operational efficiency at 32.4%

Profit MarginProfitability
23.5%9/10

Keeps 24 of every $100 in revenue as profit

Revenue GrowthGrowth
18.8%8/10

18.8% revenue growth

EPS GrowthGrowth
24.9%8/10

Earnings expanding 24.9% YoY

WELL3 strengths · Avg: 9.7/10
Revenue GrowthGrowth
38.3%10/10

Revenue surging 38.3% year-over-year

EPS GrowthGrowth
162.6%10/10

Earnings expanding 162.6% YoY

Market CapQuality
$153.42B9/10

Large-cap with strong market position

Areas to Watch

CBL3 concerns · Avg: 2.0/10
Market CapQuality
$1.39B3/10

Smaller company, higher risk/reward

Free Cash FlowQuality
$-152.16M2/10

Negative free cash flow — burning cash

Debt/EquityHealth
5.791/10

Elevated debt levels

WELL4 concerns · Avg: 2.3/10
Return on EquityProfitability
3.7%3/10

ROE of 3.7% — below average capital efficiency

PEG RatioValuation
3.662/10

Expensive relative to growth rate

P/E RatioValuation
105.5x2/10

Premium valuation, high expectations priced in

Altman Z-ScoreHealth
1.202/10

Distress zone — elevated risk

Comparative Analysis Report

WallStSmart Research

Bull Case : CBL

The strongest argument for CBL centers on P/E Ratio, Return on Equity, Operating Margin. Profitability is solid with margins at 23.5% and operating margin at 32.4%. Revenue growth of 18.8% demonstrates continued momentum.

Bull Case : WELL

The strongest argument for WELL centers on Revenue Growth, EPS Growth, Market Cap. Revenue growth of 38.3% demonstrates continued momentum.

Bear Case : CBL

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

Bear Case : WELL

The primary concerns for WELL are Return on Equity, PEG Ratio, P/E Ratio. A P/E of 105.5x leaves little room for execution misses.

Key Dynamics to Monitor

CBL carries more volatility with a beta of 1.44 — expect wider price swings.

WELL is growing revenue faster at 38.3% — sustainability is the question.

WELL generates stronger free cash flow (647M), providing more financial flexibility.

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

Bottom Line

CBL scores higher overall (68/100 vs 57/100), backed by strong 23.5% margins and 18.8% 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 prominent real estate investment trust (REIT) focused on the acquisition, management, and redevelopment of shopping malls and retail properties throughout the United States. The company is recognized for its strategic adaptations to the dynamic retail environment, embracing mixed-use developments and experiential offerings that bolster tenant engagement and operational efficiency. CBL's commitment to maximizing asset value through innovative investment and management strategies, coupled with a focus on sustainability, positions the firm as an attractive option for institutional investors seeking long-term growth and value in the evolving retail real estate sector.

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Welltower Inc

REAL ESTATE · REIT - HEALTHCARE FACILITIES · USA

Welltower Inc. is a real estate investment trust that invests in healthcare infrastructure.

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