NASDAQ : CSIQ
Canadian Solar Inc. — Financial statements
Technology · Solar · Canada
Last price 9.26 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 627.98M
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Financial statements
Canadian Solar Inc. (CSIQ) reported revenue of 4.99B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.99B | 5.60B | 5.99B | 7.61B | 7.47B | 5.28B |
| Cost of Revenue | 4.11B | 4.51B | 4.96B | 6.32B | 6.20B | 4.35B |
| Gross Profit | 880.24M | 1.09B | 1.03B | 1.30B | 1.26B | 926.46M |
| Selling, General & Admin | 757.71M | 899.32M | 916.47M | 804.22M | 840.73M | 701.51M |
| Research & Development | 83.20M | 90.69M | 120.79M | 100.84M | 69.82M | 58.41M |
| Other Operating Expenses | -63.54M | -77.23M | -95.44M | -79.00M | -59.54M | -38.47M |
| Operating Expenses | 777.37M | 912.78M | 941.82M | 826.07M | 851.00M | 721.45M |
| Operating Income | 102.87M | 173.69M | 90.55M | 470.15M | 413.81M | 205.02M |
| Interest Expense | -208.87M | -178.17M | -137.47M | -114.10M | -74.27M | -58.15M |
| Interest & Investment Income | 121.69M | 53.44M | 89.90M | 66.25M | 41.47M | 29.68M |
| Earnings From Equity Investments | -30.13M | -28.88M | -12.14M | 14.61M | 15.44M | 7.26M |
| Currency Exchange Gain (Loss) | -61.94M | -16.75M | 46.75M | 30.55M | 77.69M | -47.23M |
| Other Non Operating Income (Expenses) | -8.02M | -42.42M | -51.40M | -27.50M | -44.49M | 23.79M |
| EBT Excluding Unusual Items | -84.39M | -39.08M | 26.20M | 439.97M | 429.65M | 160.36M |
| Gain (Loss) on Sale of Assets | -5.21M | -5.21M | -896.00K | 5.34M | 4.26M | 10.01M |
| Asset Writedown | -125.32M | -125.32M | -119.74M | -22.18M | -62.00M | -23.24M |
| Other Unusual Items | -1.41M | |||||
| Pretax Income | -214.92M | -169.61M | -94.44M | 423.13M | 371.91M | 145.72M |
| Income Tax Expense | 36.24M | 14.15M | -16.58M | 59.50M | 73.35M | 35.84M |
| Earnings From Continuing Operations | -251.16M | -183.76M | -77.86M | 363.63M | 298.56M | 109.88M |
| Minority Interest in Earnings | 64.86M | 79.64M | 113.91M | -89.45M | -58.59M | -14.63M |
| Net Income | -186.30M | -104.13M | 36.05M | 274.19M | 239.97M | 95.25M |
| Net Income to Common | -186.30M | -104.13M | 36.05M | 274.19M | 239.97M | 95.25M |
| Shares Outstanding (Basic) | 67.77M | 67.37M | 66.62M | 65.38M | 64.32M | 61.61M |
| Shares Outstanding (Diluted) | 67.77M | 67.37M | 66.94M | 72.19M | 71.18M | 68.87M |
| EPS (Basic) | -2.75 | -1.55 | 0.54 | 4.19 | 3.73 | 1.55 |
| EPS (Diluted) | -3.84 | -2.50 | 0.54 | 3.87 | 3.44 | 1.46 |
| Free Cash Flow | -1.57B | -1.64B | -2.76B | -840.85M | 288.63M | -837.75M |
| Free Cash Flow Per Share | -23.14 | -24.41 | -41.17 | -11.65 | 4.05 | -12.16 |
| Gross Margin | 17.64% | 19.42% | 17.22% | 17.03% | 16.93% | 17.56% |
| Operating Margin | 2.06% | 3.10% | 1.51% | 6.17% | 5.54% | 3.89% |
| Profit Margin | -3.73% | -1.86% | 0.60% | 3.60% | 3.21% | 1.80% |
| Free Cash Flow Margin | -31.42% | -29.39% | -45.98% | -11.04% | 3.86% | -15.88% |
| EBITDA | 626.93M | 728.75M | 592.00M | 777.20M | 648.37M | 487.79M |
| EBITDA Margin | 12.56% | 13.03% | 9.88% | 10.21% | 8.68% | 9.24% |
| D&A For EBITDA | 524.05M | 555.05M | 501.44M | 307.04M | 234.56M | 282.77M |
| EBIT | 102.87M | 173.69M | 90.55M | 470.15M | 413.81M | 205.02M |
| EBIT Margin | 2.06% | 3.10% | 1.51% | 6.17% | 5.54% | 3.89% |
| Effective Tax Rate | 14.06% | 19.72% | 24.60% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.46B | 1.37B | 1.70B | 1.94B | 981.43M | 869.83M |
| Short-Term Investments | 254.66M | 93.66M | 19.32M | 22.08M | 20.20M | |
| Cash & Short-Term Investments | 1.46B | 1.63B | 1.80B | 1.96B | 1.00B | 890.03M |
| Accounts Receivable | 1.17B | 1.06B | 1.26B | 1.01B | 1.03B | 688.62M |
| Other Receivables | 281.02M | 597.34M | 403.88M | 339.75M | 328.46M | 471.29M |
| Receivables | 1.45B | 1.66B | 1.67B | 1.35B | 1.36B | 1.16B |
| Inventory | 1.66B | 1.13B | 1.21B | 1.18B | 1.52B | 1.19B |
| Prepaid Expenses | 955.64M | 240.72M | 165.85M | 127.85M | 124.53M | 141.09M |
| Restricted Cash | 374.65M | 541.71M | 551.39M | 999.93M | 978.12M | 560.63M |
| Other Current Assets | 1.10B | 782.14M | 532.84M | 483.89M | 657.23M | 827.80M |
| Total Current Assets | 7.00B | 5.98B | 5.92B | 6.10B | 5.64B | 4.77B |
| Property, Plant & Equipment | 5.97B | 5.88B | 5.53B | 4.28B | 2.30B | 1.62B |
| Long-Term Investments | 333.78M | 325.01M | 257.56M | 260.18M | 123.98M | 98.89M |
| Other Intangible Assets | 29.81M | 31.98M | 31.03M | 19.73M | 17.53M | 18.99M |
| Long-Term Deferred Tax Assets | 652.96M | 634.16M | 473.50M | 263.46M | 229.23M | 236.50M |
| Other Long-Term Assets | 2.11B | 2.32B | 1.30B | 979.98M | 726.67M | 645.69M |
| Total Assets | 16.11B | 15.17B | 13.51B | 11.90B | 9.04B | 7.39B |
| Accounts Payable | 1.71B | 1.83B | 1.70B | 1.69B | 2.30B | 1.38B |
| Accrued Expenses | 1.44M | 1.44M | 1.44M | 1.44M | ||
| Short-Term Debt | 3.09B | 1.55B | 1.65B | 1.51B | 1.11B | 1.59B |
| Current Portion of Long-Term Debt | 148.00M | 996.28M | 455.17M | 291.98M | 333.52M | |
| Current Portion of Leases | 93.02M | 57.57M | 75.61M | 108.38M | 24.51M | 12.19M |
| Current Unearned Revenue | 213.48M | 456.11M | 417.28M | 725.81M | 406.75M | 234.01M |
| Other Current Liabilities | 1.58B | 968.66M | 1.12B | 1.53B | 1.08B | 813.33M |
| Total Current Liabilities | 6.83B | 5.85B | 5.42B | 5.86B | 5.26B | 4.04B |
| Long-Term Debt | 3.71B | 3.83B | 2.88B | 1.66B | 1.07B | 781.99M |
| Long-Term Leases | 267.20M | 465.24M | 403.95M | 188.50M | 40.09M | 23.21M |
| Long-Term Unearned Revenue | 168.75M | 41.34M | 52.69M | |||
| Long-Term Deferred Tax Liabilities | 303.31M | 296.72M | 204.83M | 82.83M | 66.63M | 48.15M |
| Other Long-Term Liabilities | 753.37M | 294.81M | 408.56M | 346.31M | 293.93M | 370.41M |
| Total Liabilities | 11.86B | 10.90B | 9.36B | 8.19B | 6.73B | 5.26B |
| Common Stock | 835.72M | 835.54M | 835.54M | 835.54M | 835.54M | 835.54M |
| Additional Paid-In Capital | 563.13M | 568.92M | 590.58M | 292.74M | 1.13M | |
| Retained Earnings | 1.37B | 1.48B | 1.59B | 1.55B | 1.28B | 1.04B |
| Comprehensive Income & Other | -16.20M | -78.12M | -196.38M | -118.74M | -170.55M | -70.01M |
| Total Common Equity | 2.76B | 2.81B | 2.82B | 2.56B | 1.94B | 1.80B |
| Minority Interest | 1.49B | 1.46B | 1.33B | 1.15B | 365.06M | 325.36M |
| Shareholders' Equity | 4.24B | 4.27B | 4.15B | 3.71B | 2.31B | 2.13B |
| Total Liabilities & Equity | 16.11B | 15.17B | 13.51B | 11.90B | 9.04B | 7.39B |
| Total Debt | 7.31B | 6.89B | 5.47B | 3.76B | 2.58B | 2.41B |
| Net Cash (Debt) | -5.85B | -5.27B | -3.67B | -1.80B | -1.58B | -1.52B |
| Net Cash Per Share | -86.26 | -78.17 | -54.84 | -24.93 | -22.14 | -22.07 |
| Filing Date Shares Outstanding | 67.91M | 67.82M | 66.96M | 66.16M | 64.64M | 64.15M |
| Total Common Shares Outstanding | 67.91M | 67.81M | 66.95M | 66.16M | 64.51M | 64.02M |
| Working Capital | 169.85M | 128.48M | 498.17M | 231.06M | 385.89M | 733.68M |
| Book Value Per Share | 40.57 | 41.41 | 42.05 | 38.68 | 30.10 | 28.13 |
| Tangible Book Value | 2.73B | 2.78B | 2.78B | 2.54B | 1.92B | 1.78B |
| Tangible Book Value Per Share | 40.14 | 40.94 | 41.59 | 38.39 | 29.83 | 27.84 |
| Land | 77.21M | 56.23M | 45.40M | 39.28M | 31.69M | |
| Buildings | 981.60M | 967.76M | 978.92M | 764.58M | 720.37M | |
| Machinery | 4.31B | 3.98B | 2.94B | 1.71B | 1.65B | |
| Construction In Progress | 1.74B | 1.34B | 1.12B | 568.56M | 105.66M | |
| Leasehold Improvements | 208.24M | 188.78M | 44.27M | 30.90M | 32.81M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -186.30M | -104.13M | 36.05M | 274.19M | 239.97M | 95.25M |
| Depreciation & Amortization | 813.55M | 555.05M | 501.44M | 307.04M | 234.56M | 282.77M |
| Other Amortization | 2.06M | 2.06M | 1.49M | 2.15M | 1.30M | 1.46M |
| Loss (Gain) From Sale of Assets | -10.01M | |||||
| Asset Writedown & Restructuring Costs | 125.32M | 125.32M | 119.74M | 22.18M | 62.00M | 23.24M |
| Loss (Gain) From Sale of Investments | -6.93M | -6.93M | 1.19M | -12.70M | 357.00K | 25.50M |
| Loss (Gain) on Equity Investments | 28.88M | 28.88M | 12.14M | -14.61M | -15.44M | -7.26M |
| Stock-Based Compensation | 24.41M | 24.41M | 21.40M | 55.34M | 9.37M | 8.81M |
| Provision & Write-off of Bad Debts | -1.45M | -1.45M | 39.06M | 12.01M | 5.77M | 7.62M |
| Other Operating Activities | -403.99M | 93.11M | 34.16M | 228.76M | 142.38M | -48.15M |
| Change in Accounts Receivable | 247.96M | 247.96M | -263.97M | 15.41M | -380.64M | -293.57M |
| Change in Inventory | -196.62M | -196.62M | -250.06M | 237.68M | -459.24M | -549.16M |
| Change in Accounts Payable | -216.98M | -216.98M | 268.21M | 13.12M | 351.54M | 11.02M |
| Change in Unearned Revenue | -44.64M | -44.64M | -184.26M | 59.38M | 209.85M | -54.00M |
| Change in Income Taxes | -7.28M | |||||
| Change in Other Net Operating Assets | -751.78M | -758.79M | -1.22B | -515.33M | 514.85M | 105.51M |
| Operating Cash Flow | -566.51M | -252.74M | -885.32M | 684.62M | 916.63M | -408.25M |
| Capital Expenditures | -1.00B | -1.39B | -1.87B | -1.53B | -628.00M | -429.50M |
| Sale of Property, Plant & Equipment | 92.09M | 92.09M | 36.95M | |||
| Cash Acquisitions | -14.76M | -14.76M | -10.91M | -9.45M | ||
| Investment in Securities | -181.68M | -181.68M | -93.47M | -113.40M | -19.36M | -37.02M |
| Other Investing Activities | 248.62M | -7.69M | 12.53M | -23.10M | 16.86M | |
| Investing Cash Flow | -857.18M | -1.50B | -1.96B | -1.67B | -630.49M | -429.57M |
| Short-Term Debt Issued | 1.14B | 1.77B | 1.57B | 1.39B | 1.74B | |
| Long-Term Debt Issued | 2.81B | 1.51B | 1.23B | 770.37M | 633.77M | |
| Total Debt Issued | 4.13B | 3.95B | 3.28B | 2.80B | 2.16B | 2.38B |
| Short-Term Debt Repaid | -2.47B | -1.55B | -1.60B | -1.70B | -1.88B | |
| Long-Term Debt Repaid | -278.04M | -72.21M | -39.80M | -19.22M | -23.09M | |
| Total Debt Repaid | -2.74B | -2.74B | -1.62B | -1.64B | -1.71B | -1.90B |
| Net Debt Issued (Repaid) | 1.38B | 1.21B | 1.66B | 1.15B | 443.12M | 472.87M |
| Issuance of Common Stock | 148.51M | |||||
| Other Financing Activities | -382.96M | 142.45M | 662.13M | 900.36M | -14.49M | -7.30M |
| Financing Cash Flow | 1.00B | 1.35B | 2.32B | 2.05B | 428.64M | 614.07M |
| Foreign Exchange Rate Adjustments | 8.66M | 85.14M | -154.60M | -89.10M | -179.56M | 18.32M |
| Net Cash Flow | -413.85M | -323.59M | -682.41M | 976.93M | 535.22M | -205.43M |
| Free Cash Flow | -1.57B | -1.64B | -2.76B | -840.85M | 288.63M | -837.75M |
| Free Cash Flow Margin | -31.42% | -29.39% | -45.98% | -11.04% | 3.86% | -15.88% |
| Free Cash Flow Per Share | -23.14 | -24.41 | -41.17 | -11.65 | 4.05 | -12.16 |
| Levered Free Cash Flow | -1.29B | -1.04B | -2.07B | -274.33M | 427.45M | -651.55M |
| Unlevered Free Cash Flow | -1.16B | -925.73M | -1.99B | -205.17M | 472.57M | -616.67M |
| Cash Interest Paid | 170.50M | 170.50M | 130.96M | 121.67M | 76.51M | 71.01M |
| Cash Income Tax Paid | 149.71M | 149.71M | 113.91M | 83.08M | 77.40M | 57.40M |
| Change in Working Capital | -962.05M | -969.07M | -1.65B | -189.74M | 236.36M | -787.47M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 666.64M | 1.59B | 735.74M | 1.70B | 1.99B | 1.99B |
| Enterprise Value | 6.51B | 7.97B | 5.28B | 4.17B | 3.86B | 3.67B |
| Last Close Price | 9.26 | 23.77 | 11.12 | 26.23 | 30.90 | 31.29 |
| PE Ratio | 20.41 | 6.18 | 8.28 | 20.91 | ||
| Forward PE | 145.12 | 54.48 | 15.73 | 10.24 | 28.03 | |
| PS Ratio | 0.13 | 0.28 | 0.12 | 0.22 | 0.27 | 0.38 |
| PB Ratio | 0.23 | 0.37 | 0.18 | 0.46 | 0.86 | 0.94 |
| P/TBV Ratio | 0.23 | 0.57 | 0.26 | 0.67 | 1.03 | 1.12 |
| P/FCF Ratio | 6.88 | |||||
| P/OCF Ratio | 2.48 | 2.17 | ||||
| PEG Ratio | 1.98 | 6.81 | 0.73 | 0.27 | 1.00 | |
| EV/Sales Ratio | 1.30 | 1.43 | 0.88 | 0.55 | 0.52 | 0.69 |
| EV/EBITDA Ratio | 10.33 | 10.94 | 8.91 | 5.36 | 5.95 | 7.52 |
| EV/EBIT Ratio | 62.93 | 45.90 | 58.26 | 8.86 | 9.32 | 17.88 |
| EV/FCF Ratio | 13.37 | |||||
| Debt / Equity Ratio | 1.72 | 1.61 | 1.32 | 1.01 | 1.12 | 1.13 |
| Debt / EBITDA Ratio | 10.85 | 8.97 | 8.85 | 4.68 | 3.88 | 4.74 |
| Debt / FCF Ratio | 8.94 | |||||
| Net Debt / Equity Ratio | 1.38 | 1.23 | 0.89 | 0.49 | 0.68 | 0.71 |
| Net Debt / EBITDA Ratio | 9.32 | 7.23 | 6.20 | 2.32 | 2.43 | 3.12 |
| Net Debt / FCF Ratio | -3.73 | -3.20 | -1.33 | -2.14 | 5.46 | -1.81 |
| Asset Turnover | 0.32 | 0.39 | 0.47 | 0.73 | 0.91 | 0.76 |
| Inventory Turnover | 2.83 | 3.85 | 4.16 | 4.67 | 4.57 | 4.61 |
| Quick Ratio | 0.43 | 0.56 | 0.64 | 0.56 | 0.45 | 0.51 |
| Current Ratio | 1.02 | 1.02 | 1.09 | 1.04 | 1.07 | 1.18 |
| Return on Equity (ROE) | -5.97% | -4.37% | -1.98% | 12.10% | 13.47% | 5.47% |
| Return on Assets (ROA) | 0.42% | 0.76% | 0.45% | 2.81% | 3.15% | 1.84% |
| Return on Invested Capital (ROIC) | 1.03% | 2.00% | 1.36% | 8.61% | 8.82% | 4.78% |
| Return on Capital Employed (ROCE) | 1.10% | 1.90% | 1.10% | 7.80% | 11.00% | 6.10% |
| Earnings Yield | -39.05% | -6.54% | 4.90% | 16.17% | 12.08% | 4.78% |
| FCF Yield | -249.68% | -103.30% | -374.55% | -49.60% | 14.53% | -42.07% |
| Buyback Yield / Dilution | -1.14% | -0.64% | 7.28% | -1.42% | -3.36% | -10.54% |