Canadian Solar Inc. (CSIQ) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$1.23	-$1.01	+17.9%	—	$1.2B	—
Q1 26	-$0.78	-$1.84	-135.9%	—	$1.1B	—
Q4 25	-$0.38	-$1.66	-336.8%	—	$1.2B	—
Q3 25	-$0.76	-$0.58	+23.7%	—	$1.5B	—
Q2 25	$0.76	-$0.34	-144.7%	—	$1.7B	—
Q1 25	-$1.03	-$1.07	-3.9%	—	$1.2B	—
Q4 24	-$0.24	-$1.47	-512.5%	—	$1.5B	—
Q3 24	-$0.12	-$0.31	-158.3%	—	$1.5B	—
Q2 24	$0.1	$0.02	-80.0%	—	$1.6B	—
Q1 24	-$0.08	$0.19	+337.5%	—	$1.3B	—
Q4 23	$0.01	-$0.02	-300.0%	—	$1.7B	—
Q3 23	$0.7	$0.32	-54.3%	—	$1.8B	—
Q2 23	$1.58	$2.39	+51.3%	—	$2.4B	—
Q1 23	$0.73	$1.19	+63.0%	—	$1.7B	—
Q4 22	$0.96	$1.11	+15.6%	—	$2B	—
Q3 22	$0.38	$1.12	+194.7%	—	$1.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$2.5	—	—	$5.6B	—
FY24	—	$0.54	—	—	$6B	—
FY23	—	$4.19	—	—	$7.6B	—
FY22	—	$3.73	—	—	$7.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.9B	$3.4B	$3.7B	$3.2B	$3.5B	$5.3B	$7.5B	$7.6B	$6B	$5.6B
YoY change	-17.7%	+18.8%	+10.4%	-14.5%	+8.62%	+51.8%	+41.5%	+1.94%	-21.3%	-6.65%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.9B	3.4B	3.7B	3.2B	3.5B	5.3B	7.5B	7.6B	6B	5.6B
Cost of revenue	2.4B	2.8B	3B	2.5B	2.8B	4.4B	6.2B	6.3B	5B	4.6B
Gross profit	417.2M	637.6M	775.1M	718.5M	689.9M	909.3M	1.3B	1.3B	999.3M	1B
Gross margin	14.6%	18.8%	20.7%	22.4%	19.8%	17.2%	16.9%	16.8%	16.7%	18.3%
Research & development	17.4M	28.8M	44.2M	47M	45.2M	58.4M	69.8M	100.8M	120.8M	90.7M
Selling, general & administrative	349.2M	387M	410.8M	423.1M	449.8M	707.6M	901.1M	810.2M	1B	964.4M
Operating expenses	363.8M	409.3M	444M	460.1M	470.8M	727.5M	911.3M	831.8M	1B	983.1M
Operating income	53.4M	228.3M	331.1M	258.4M	219.2M	181.8M	351.8M	448.2M	-30.1M	43.2M
Operating margin	1.87%	6.73%	8.84%	8.07%	6.3%	3.44%	4.71%	5.89%	-0.5%	0.77%
Non-operating income, net	93.8M	13.8M	62.2M	-9.5M	-22.1M	3.8M	38.3M	22.8M	-3.2M	-51.8M
Pretax income	87.7M	134.5M	298.5M	179.7M	134.5M	138.5M	356.5M	408.5M	-82.3M	-140.7M
Income tax	18M	41M	62M	42.1M	-2M	35.8M	73.4M	59.5M	-16.6M	14.1M
Net income	65.3M	103M	242.4M	166.6M	147.2M	109.9M	298.6M	363.6M	-77.9M	-183.8M
Net margin	2.29%	3.04%	6.47%	5.2%	4.24%	2.08%	4%	4.78%	-1.3%	-3.28%
EBITDA	159.4M	338M	471.6M	430.2M	437.6M	475.6M	627M	806.9M	559.8M	644.3M
EPS	1.13	1.71	4.02	2.88	2.46	1.55	3.73	4.19	0.54	-2.5
Diluted EPS	1.12	1.69	3.88	2.83	2.38	1.46	3.44	3.87	0.54	-2.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.8B	1.7B	1.3B	1.6B	1.5B	1.5B	1.2B	1.7B	1.5B	1.2B	1.1B	1.2B
Cost of revenue	1.5B	1.5B	1.1B	1.4B	1.3B	1.3B	1.1B	1.2B	1.2B	1.1B	807.1M	1B
Gross profit	308M	213.4M	252.8M	282.1M	247.4M	217M	140.5M	505M	256.3M	124.4M	270.8M	168.5M
Gross margin	16.7%	12.5%	19%	17.2%	16.4%	14.3%	11.7%	29.8%	17.2%	10.2%	25.1%	13.9%
Research & development	28.9M	31.5M	34.3M	25.6M	30.5M	30.5M	24.3M	24.7M	20M	21.7M	20.7M	20.8M
Selling, general & administrative	213.8M	202.1M	183.1M	232.6M	236.2M	351.3M	196.4M	362.1M	217.8M	188M	189.8M	227.2M
Operating expenses	225M	217.9M	203.7M	234.4M	247.1M	344.1M	195.3M	377.6M	221.7M	188.5M	198M	239.5M
Operating income	83M	-4.5M	49.1M	47.6M	294K	-127.1M	-54.8M	127.4M	34.6M	-64.1M	72.9M	-71.1M
Operating margin	4.5%	-0.27%	3.69%	2.91%	0.02%	-8.35%	-4.58%	7.52%	2.33%	-5.26%	6.76%	-5.88%
Non-operating income, net	-15.1M	7.1M	-3.6M	11.7M	-303K	-11M	-12.5M	-11.4M	-12.9M	-15M	-28.5M	46.3M
Pretax income	56.5M	-15.1M	44.9M	40.5M	-20.4M	-147.2M	-95.7M	81.1M	-7.6M	-118.5M	8.7M	-67.3M
Income tax	-10.6M	-4.7M	9.7M	5.3M	-19.8M	-11.7M	-23.1M	34.3M	7.1M	-4.2M	16.9M	16.3M
Net income	62.5M	-3.2M	36.2M	27.4M	-6.1M	-135.4M	-76.7M	44.8M	-21.1M	-130.8M	-13.5M	-85.8M
Net margin	3.38%	-0.19%	2.73%	1.68%	-0.4%	-8.9%	-6.41%	2.64%	-1.42%	-10.7%	-1.25%	-7.1%
EBITDA	101.6M	11.1M	83.4M	61.8M	14M	-100.8M	-42.7M	137.4M	49.7M	-55.1M	89.5M	-50M
EPS	0.33	-0.02	0.19	0.02	-0.31	0.51	-0.69	0.08	-0.07	-1.66	-0.71	-1.4
Diluted EPS	0.32	-0.02	0.19	0.02	-0.31	0.48	-0.69	0.08	-0.07	-1.66	-0.71	-1.4

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	700.6M	980.7M	844.8M	1.3B	3.1B	1.9B	2B	1.7B	740.8M	1.6B	707.5M
Enterprise value	2.8B	3.5B	2.6B	3.1B	4.7B	4.3B	5B	4.3B	5B	7.9B	8.1B
Shares outstanding	57.5M	58.2M	58.9M	59.6M	59.6M	61.6M	64.3M	65.4M	66.6M	67.4M	67.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	10.7	9.52	3.48	7.91	20.7	17.5	6.66	4.72	—	—	20.1
P/S	0.25	0.29	0.23	0.41	0.88	0.37	0.27	0.23	0.12	0.29	0.14
P/B	0.78	0.93	0.66	0.92	1.61	0.91	0.86	0.46	0.18	0.38	0.26
EV/EBITDA	17.8	10.3	5.48	7.14	10.7	9.07	8.05	5.27	8.84	12.3	12.9
EV/Sales	0.99	1.03	0.69	0.96	1.35	0.82	0.68	0.56	0.83	1.41	1.62
Earnings yield	9.32%	10.5%	28.7%	12.6%	4.82%	5.7%	15%	21.2%	—	—	4.98%
FCF yield	-198.3%	-10.9%	-11.8%	23.4%	-14.9%	-43.5%	14.5%	-51.1%	-372%	-102.7%	-182.1%
PEG	—	—	—	—	—	—	—	—	—	—	-0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	14.6%	18.8%	20.7%	22.4%	19.8%	17.2%	16.9%	16.8%	16.7%	18.3%	13.9%
Operating margin	1.87%	6.73%	8.84%	8.07%	6.3%	3.44%	4.71%	5.89%	-0.5%	0.77%	-5.88%
Net margin	2.29%	3.04%	6.47%	5.2%	4.24%	2.08%	4%	4.78%	-1.3%	-3.28%	-3.73%
ROE	7.26%	9.72%	19%	11.7%	7.78%	5.17%	12.9%	9.81%	-1.88%	-4.3%	-5.97%
ROA	1.21%	1.75%	4.95%	3.05%	2.25%	1.49%	3.3%	3.06%	-0.58%	-1.21%	0.42%
ROIC	1.4%	4.46%	8.71%	6.23%	6.22%	2.98%	5.2%	6.13%	-0.36%	0.41%	-0.26%
Return on tangible assets	1.24%	1.81%	5.13%	3.14%	2.31%	1.49%	3.32%	3.07%	-0.58%	-1.22%	-1.56%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.02	0.99	1.04	1.05	1.17	1.18	1.07	1.04	1.09	1.02	1.02
Quick ratio	0.94	0.91	0.95	0.87	0.97	0.89	0.78	0.84	0.87	0.83	0.78
Debt / equity	2.94	2.89	1.72	1.7	1.48	1.53	1.75	1.21	1.42	1.8	1.72
Debt / assets	0.49	0.52	0.45	0.44	0.43	0.44	0.45	0.38	0.44	0.51	0.49
Net debt / EBITDA	13.4	7.39	3.69	4.08	3.73	5.02	4.88	3.14	7.52	9.79	191
Interest coverage	2.26	2.14	3.82	3.21	2.87	3.38	5.8	4.58	0.4	0.21	0.12
Effective tax rate	20.5%	30.4%	20.8%	23.4%	0%	25.9%	20.6%	14.6%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	49.6	58.3	63.6	53.7	58.4	85.6	116.1	116.5	90	83.1	73.6
EPS (basic)	1.13	1.71	4.02	2.88	2.46	1.55	3.73	4.19	0.54	-2.5	-2.5
EPS (diluted)	1.12	1.69	3.88	2.83	2.38	1.46	3.44	3.87	0.54	-2.5	-3.84
Book value per share	15.6	18.2	21.6	23.9	31.8	34.5	35.9	56.7	62.3	63.4	40.6
FCF per share	-24.2	-1.84	-1.7	5.18	-7.65	-13.6	4.49	-13.4	-41.4	-24.4	-23.1
Cash per share	8.88	9.66	7.54	11.2	19.8	14.1	15.3	29.7	25.5	20.3	21.5
Capex per share	17.8	3.13	5.07	4.88	5.62	6.37	9.61	23.7	28.1	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	35.8%	5.37%	7.97%	9.09%	9.63%	7.44%	8.28%	20.4%	31.2%	—	—
Capex / operating cash flow	-935.6%	78.7%	203.2%	58.9%	476.4%	-98%	85%	491.9%	-142.3%	—	—
Payout ratio	0%	9.3%	1.24%	0.67%	0%	0%	—	—	—	—	0%
Dividend yield	0%	0.98%	0.36%	0.08%	0%	0%	—	—	—	—	—

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.8B	$1.7B	$1.3B	$1.6B	$1.5B	$1.5B	$1.2B	$1.7B	$1.5B	$1.2B	$1.1B	$1.2B
YoY change	-4.46%	-13.7%	-21.9%	-30.8%	-18.3%	-10.6%	-9.97%	+3.57%	-1.34%	-20%	-9.92%	-28.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	511M	561.7M	444.3M	668.8M	1.2B	869.8M	981.4M	1.9B	1.7B	1.4B
Receivables	400.3M	358.1M	498.2M	436.8M	409M	651.4M	971M	904.9M	1.1B	830M
Inventory	295.4M	346.1M	262M	554.1M	696M	1.2B	1.5B	1.2B	1.2B	1.1B
Total current assets	3.8B	4.1B	3.1B	3.3B	4.2B	4.8B	5.6B	6.1B	5.9B	6B
Property, plant & equipment	387.2M	471M	497.9M	683M	809.1M	896.1M	1.5B	3.3B	4.6B	4.9B
Goodwill & intangibles	129.4M	191.8M	163.3M	167.3M	169.7M	38M	35.1M	39.5M	62.1M	64M
Total assets	5.4B	5.9B	4.9B	5.5B	6.5B	7.4B	9B	11.9B	13.5B	15.2B
Accounts payable	440.1M	403M	379.5M	585.6M	514.7M	503M	805.3M	813.7M	1.1B	878.8M
Short-term debt	2B	2.5B	1.8B	1.8B	2.1B	2.5B	2.9B	2.7B	2.8B	3.5B
Total current liabilities	3.7B	4.1B	2.9B	3.1B	3.6B	4B	5.3B	5.9B	5.4B	5.9B
Long-term debt	619M	530.8M	393.6M	640.2M	682.5M	771.5M	1.1B	1.8B	3.1B	4.2B
Total liabilities	4.5B	4.8B	3.6B	4B	4.6B	5.3B	6.7B	8.2B	9.4B	10.9B
Shareholders' equity	899.4M	1.1B	1.3B	1.4B	1.9B	2.1B	2.3B	3.7B	4.1B	4.3B
Total debt	2.6B	3.1B	2.2B	2.4B	2.8B	3.3B	4B	4.5B	5.9B	7.7B
Net debt	2.1B	2.5B	1.7B	1.8B	1.6B	2.4B	3.1B	2.5B	4.2B	6.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.9B	1.9B	2.1B	1.6B	2.2B	1.7B	1.6B	1.9B	1.8B	1.4B	1.4B	1.5B
Receivables	1B	904.9M	809.4M	1B	988.6M	1.1B	919.9M	915.3M	814.7M	830M	699M	908.9M
Inventory	1.4B	1.2B	1.4B	1.2B	1.3B	1.2B	1.5B	1.2B	1.2B	1.1B	1.5B	1.7B
Total current assets	6.6B	6.1B	6.2B	5.8B	6.4B	5.9B	6B	6.2B	6.4B	6B	6.5B	7B
Property, plant & equipment	3.5B	3.3B	4.4B	4.6B	5.4B	4.6B	5.8B	5.7B	5.8B	4.9B	6B	6B
Goodwill & intangibles	27.7M	39.5M	35.4M	33.9M	33.3M	62.1M	32.9M	64.4M	64M	64M	31.3M	29.8M
Total assets	11.4B	11.9B	12.4B	12.1B	13.8B	13.5B	13.9B	14.8B	15.2B	15.2B	15.5B	16.1B
Accounts payable	918.8M	813.7M	818.2M	842.1M	957.6M	1.1B	1B	1B	1.1B	878.8M	1B	1B
Short-term debt	3B	2.7B	3.1B	2.8B	3.1B	2.8B	2.9B	2.9B	3.3B	3.5B	3.5B	4B
Total current liabilities	5.7B	5.9B	6B	5.6B	6B	5.4B	5.6B	5.7B	6B	5.9B	6.1B	6.8B
Long-term debt	1.5B	1.8B	2.1B	2.1B	2.8B	3.1B	3.5B	4.2B	4.1B	4.2B	4.3B	4B
Total liabilities	7.8B	8.2B	8.7B	8.3B	9.7B	9.4B	9.8B	10.6B	10.8B	10.9B	11.2B	11.9B
Shareholders' equity	3.6B	3.7B	3.7B	3.8B	4B	4.1B	4.1B	4.2B	4.4B	4.3B	4.3B	4.2B
Total debt	4.5B	4.5B	5.2B	4.9B	6B	5.9B	6.5B	7.1B	7.4B	7.7B	7.8B	8B
Net debt	2.6B	2.5B	3.1B	3.3B	3.8B	4.2B	4.9B	5.3B	5.6B	6.3B	6.4B	6.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	65.3M	103M	242.4M	166.6M	147.2M	109.9M	298.6M	363.6M	-77.9M	-183.8M
Depreciation & amortization	95.8M	99.3M	129.3M	159.7M	209.1M	282.8M	234.6M	307M	501.4M	555.1M
Stock-based compensation	7.8M	9.3M	10.3M	10.7M	12.3M	8.8M	9.4M	55.3M	21.4M	24.4M
Change in working capital	-285.6M	7.8M	-250.2M	164M	-351.1M	-885.7M	196.4M	-395.4M	-1.7B	-639M
Operating cash flow	-109.2M	231M	146.9M	494.5M	70.3M	-400.7M	727.6M	315.4M	-1.3B	-252.7M
Capital expenditure	-1B	-181.9M	-298.5M	-291.1M	-334.9M	-392.5M	-618.2M	-1.6B	-1.9B	—
Investing cash flow	-1.2B	-235M	46.9M	-294.1M	-319.7M	-429.6M	-630.5M	-1.7B	-2B	-204.1M
Dividends paid	0	-9.6M	-3M	-1.1M	0	0	—	—	—	—
Share repurchases	—	0	0	-11.8M	-6M	0	0	—	—	—
Financing cash flow	-943.9M	-2B	-2.8B	-1.7B	-775.5M	-1.3B	-1.3B	449.3M	769M	-1.1B
Net change in cash	-2.3B	-2B	-2.6B	-1.5B	-1B	-2.1B	-1.2B	-906.8M	-2.5B	-1.6B
Free cash flow	-1.4B	-106.8M	-100M	308.9M	-455.5M	-837.8M	288.6M	-877M	-2.8B	-1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	62.5M	-3.2M	36.2M	27.4M	-6.1M	-135.4M	-76.7M	44.8M	-21.1M	-130.8M	-13.5M	-85.8M
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	143.8M	-358.1M	194.6M	201.6M	51.3M	-481M	85.1M	188.6M	-112.1M	-65M	-208.7M	-180.8M
Capital expenditure	-384.8M	-504.1M	-439.8M	-401.2M	-484.6M	-544.8M	-385.1M	—	—	—	—	—
Investing cash flow	-484.7M	-504.1M	-433M	-398.7M	-496.7M	-529.5M	-469M	-55.9M	6.8M	125.3M	60.2M	56.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	—	—	-70.6M	-7.1M	—	-21.4M	-24.2M	0	—	0	0
Financing cash flow	99.7M	-930.3M	723.4M	187.6M	1.3B	-1.6B	544.2M	471.1M	310.4M	-1.2B	337.9M	331.1M
Net change in cash	-241.3M	-1.8B	485M	-9.4M	825.9M	-2.6B	160.4M	603.7M	205.1M	-1.2B	189.4M	206.6M
Free cash flow	-226.9M	-324.5M	-731.3M	-830.5M	-715.5M	-478.4M	-649.3M	-203.9M	-406.5M	-384.5M	-401.9M	-375M

Canadian Solar Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement