Canadian Solar Financials

CSIQ

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

This page shows Canadian Solar (CSIQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 15/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Canadian Solar has an operating margin of -0.5%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 5.9% the prior year.

Growth

Canadian Solar's revenue declined 21.3% year-over-year, from $7.6B to $6.0B. This contraction results in a growth score of 0/100.

Leverage

Canadian Solar has a moderate D/E ratio of 1.64. This balance of debt and equity financing earns a leverage score of 51/100.

Liquidity

Canadian Solar's current ratio of 1.09 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 24/100, which could limit financial flexibility.

Cash Flow

While Canadian Solar generated -$885.3M in operating cash flow, capex of $1.1B consumed most of it, leaving -$2.0B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

1/9

Canadian Solar passes 1 of 9 financial strength tests. No profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

11.37x

For every $1 of reported earnings, Canadian Solar generates $11.37 in operating cash flow (-$885.3M OCF vs -$77.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-0.2x

Canadian Solar earns $-0.2 in operating income for every $1 of interest expense (-$30.1M vs $137.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Revenue

$6.0B

YoY-21.3%

5Y CAGR+13.4%

10Y CAGR+7.3%

Canadian Solar generated $6.0B in revenue in fiscal year 2024. This represents a decrease of 21.3% from the prior year.

EBITDA

$471.4M

YoY-38.0%

5Y CAGR+2.4%

10Y CAGR+0.5%

Canadian Solar's EBITDA was $471.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 38.0% from the prior year.

Free Cash Flow

-$2.0B

YoY-362.7%

Canadian Solar generated -$2.0B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 362.7% from the prior year.

Net Income

-$77.9M

YoY-121.4%

Canadian Solar reported -$77.9M in net income in fiscal year 2024. This represents a decrease of 121.4% from the prior year.

EPS (Diluted)

$0.54

YoY-86.0%

5Y CAGR-28.2%

10Y CAGR-18.4%

Canadian Solar earned $0.54 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 86.0% from the prior year.

Cash & Debt

$1.7B

YoY-12.2%

5Y CAGR+20.5%

10Y CAGR+12.0%

Canadian Solar held $1.7B in cash against $4.6B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

67M

YoY+1.2%

5Y CAGR+2.4%

10Y CAGR+2.0%

Canadian Solar had 67M shares outstanding in fiscal year 2024. This represents an increase of 1.2% from the prior year.

Gross Margin

16.7%

YoY-0.1pp

5Y CAGR-5.8pp

10Y CAGR-3.0pp

Canadian Solar's gross margin was 16.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.

Operating Margin

-0.5%

YoY-6.5pp

5Y CAGR-8.6pp

10Y CAGR-12.9pp

Canadian Solar's operating margin was -0.5% in fiscal year 2024, reflecting core business profitability. This is down 6.5 percentage points from the prior year.

Net Margin

-1.3%

YoY-6.1pp

5Y CAGR-6.5pp

10Y CAGR-9.5pp

Canadian Solar's net profit margin was -1.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 6.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$120.8M

YoY+19.8%

5Y CAGR+20.8%

10Y CAGR+25.9%

Canadian Solar invested $120.8M in research and development in fiscal year 2024. This represents an increase of 19.8% from the prior year.

Share Buybacks

$79.6M

5Y CAGR+46.4%

Canadian Solar spent $79.6M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$1.1B

YoY-0.3%

10Y CAGR+36.5%

Canadian Solar invested $1.1B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 0.3% from the prior year.

CSIQ Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$6.0B-21.3%	$7.6B+1.9%	$7.5B+41.5%	$5.3B+51.8%	$3.5B+8.6%	$3.2B
Cost of Revenue	$5.0B-21.1%	$6.3B+2.1%	$6.2B+42.1%	$4.4B+56.7%	$2.8B+12.3%	$2.5B
Gross Profit	$999.3M-21.9%	$1.3B+1.3%	$1.3B+38.9%	$909.3M+31.8%	$689.9M-4.0%	$718.5M
R&D Expenses	$120.8M+19.8%	$100.8M+44.4%	$69.8M+19.5%	$58.4M+29.3%	$45.2M-4.0%	$47.0M
SG&A Expenses	$515.2M+17.0%	$440.5M+28.7%	$342.1M+10.7%	$308.9M+36.9%	$225.6M-7.1%	$242.8M
Operating Income	-$30.1M-106.6%	$453.3M+27.3%	$356.1M+87.0%	$190.4M-13.6%	$220.4M-14.9%	$258.9M
Interest Expense	$137.5M+20.5%	$114.1M+53.6%	$74.3M+27.7%	$58.2M-19.1%	$71.9M-11.6%	$81.3M
Income Tax	-$16.6M-127.9%	$59.5M-18.9%	$73.4M+104.6%	$35.8M+1907.6%	-$2.0M-104.7%	$42.1M
Net Income	-$77.9M-121.4%	$363.6M+21.8%	$298.6M+171.7%	$109.9M-25.4%	$147.2M-11.6%	$166.6M
EPS (Diluted)	$0.54-86.0%	$3.87+12.5%	$3.44+135.6%	$1.46-38.7%	$2.38-15.9%	$2.83

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CSIQ Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$13.5B+13.6%	$11.9B+31.6%	$9.0B+22.3%	$7.4B+13.0%	$6.5B+19.6%	$5.5B
Current Assets	$5.9B-2.9%	$6.1B+8.0%	$5.6B+18.3%	$4.8B+14.0%	$4.2B+28.7%	$3.3B
Cash & Equivalents	$1.7B-12.2%	$1.9B+97.5%	$981.4M+12.8%	$869.8M-26.2%	$1.2B+76.3%	$668.8M
Inventory	$1.2B+2.3%	$1.2B-22.6%	$1.5B+27.8%	$1.2B+71.3%	$696.0M+25.6%	$554.1M
Accounts Receivable	$1.1B+23.6%	$904.9M-6.8%	$971.0M+49.1%	$651.4M+59.3%	$409.0M-6.4%	$436.8M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.4B+14.3%	$8.2B+21.7%	$6.7B+27.9%	$5.3B+13.3%	$4.6B+14.9%	$4.0B
Current Liabilities	$5.4B-7.6%	$5.9B+11.5%	$5.3B+30.2%	$4.0B+12.5%	$3.6B+16.1%	$3.1B
Long-Term Debt	$4.6B+49.9%	$3.1B+36.1%	$2.3B+120.4%	$1.0B+9.6%	$934.6M-8.3%	$1.0B
Total Equity	$2.8B+10.0%	$2.6B+31.8%	$1.9B+7.8%	$1.8B+14.7%	$1.6B+12.7%	$1.4B
Retained Earnings	$1.6B+2.3%	$1.5B+21.5%	$1.3B+23.2%	$1.0B+10.1%	$940.3M+18.5%	$793.6M

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Total Assets	$13.5B+13.6%	$11.9B+31.6%	$9.0B+22.3%	$7.4B+13.0%	$6.5B+19.6%	$5.5B+11.7%	$4.9B-16.9%	$5.9B
Current Assets	$5.9B-2.9%	$6.1B+8.0%	$5.6B+18.3%	$4.8B+14.0%	$4.2B+28.7%	$3.3B+5.8%	$3.1B-24.7%	$4.1B
Cash & Equivalents	$1.7B-12.2%	$1.9B+97.5%	$981.4M+12.8%	$869.8M-26.2%	$1.2B+76.3%	$668.8M+50.5%	$444.3M-20.9%	$561.7M
Inventory	$1.2B+2.3%	$1.2B-22.6%	$1.5B+27.8%	$1.2B+71.3%	$696.0M+25.6%	$554.1M+111.5%	$262.0M-24.3%	$346.1M
Accounts Receivable	$1.1B+23.6%	$904.9M-6.8%	$971.0M+49.1%	$651.4M+59.3%	$409.0M-6.4%	$436.8M-12.3%	$498.2M+39.1%	$358.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	$1.0M-83.9%	$6.2M
Total Liabilities	$9.4B+14.3%	$8.2B+21.7%	$6.7B+27.9%	$5.3B+13.3%	$4.6B+14.9%	$4.0B+11.7%	$3.6B-25.1%	$4.8B
Current Liabilities	$5.4B-7.6%	$5.9B+11.5%	$5.3B+30.2%	$4.0B+12.5%	$3.6B+16.1%	$3.1B+4.9%	$2.9B-28.2%	$4.1B
Long-Term Debt	$4.6B+49.9%	$3.1B+36.1%	$2.3B+120.4%	$1.0B+9.6%	$934.6M-8.3%	$1.0B+159.1%	$393.6M-2.7%	$404.3M
Total Equity	$2.8B+10.0%	$2.6B+31.8%	$1.9B+7.8%	$1.8B+14.7%	$1.6B+12.7%	$1.4B+13.7%	$1.2B+18.7%	$1.0B
Retained Earnings	$1.6B+2.3%	$1.5B+21.5%	$1.3B+23.2%	$1.0B+10.1%	$940.3M+18.5%	$793.6M+27.6%	$622.0M+62.1%	$383.7M

CSIQ Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$885.3M-229.3%	$684.6M-25.3%	$916.6M+324.5%	-$408.3M-238.7%	-$120.5M-120.1%	$600.1M
Capital Expenditures	$1.1B-0.3%	$1.1B+78.0%	$627.1M+46.3%	$428.7M	N/A	N/A
Free Cash Flow	-$2.0B-362.7%	-$431.8M-249.2%	$289.5M+134.6%	-$837.0M	N/A	N/A
Investing Cash Flow	-$2.0B-17.4%	-$1.7B-165.1%	-$630.5M-46.8%	-$429.6M-34.4%	-$319.7M-8.7%	-$294.1M
Financing Cash Flow	$2.3B+13.0%	$2.1B+378.9%	$428.6M-30.2%	$614.1M-25.4%	$823.5M+2479.1%	-$34.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$79.6M	N/A	N/A	N/A	$6.0M-49.7%	$11.8M

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CSIQ Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	16.7%-0.1pp	16.8%-0.1pp	16.9%-0.3pp	17.2%-2.6pp	19.9%-2.6pp	22.4%
Operating Margin	-0.5%-6.5pp	5.9%+1.2pp	4.8%+1.2pp	3.6%-2.7pp	6.3%-1.8pp	8.1%
Net Margin	-1.3%-6.1pp	4.8%+0.8pp	4.0%+1.9pp	2.1%-2.2pp	4.2%-1.0pp	5.2%
Return on Equity	N/A	14.2%-1.2pp	15.4%+9.3pp	6.1%-3.3pp	9.4%-2.6pp	12.0%
Return on Assets	-0.6%-3.6pp	3.1%-0.2pp	3.3%+1.8pp	1.5%-0.8pp	2.3%-0.8pp	3.0%
Current Ratio	1.09+0.1	1.04-0.0	1.07-0.1	1.18+0.0	1.17+0.1	1.05
Debt-to-Equity	1.64+0.4	1.20+0.0	1.16+0.6	0.57-0.0	0.60-0.1	0.73
FCF Margin	-33.3%-27.7pp	-5.7%-9.6pp	3.9%+19.7pp	-15.9%	N/A	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18	Q4'17
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.09+0.1	1.04-0.0	1.07-0.1	1.18+0.0	1.17+0.1	1.050.0	1.04+0.0	0.99
Debt-to-Equity	1.64+0.4	1.20+0.0	1.16+0.6	0.57-0.0	0.60-0.1	0.73+0.4	0.32-0.1	0.39
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Canadian Solar's annual revenue?

Canadian Solar (CSIQ) reported $6.0B in total revenue for fiscal year 2024. This represents a -21.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Canadian Solar's revenue growing?

Canadian Solar (CSIQ) revenue declined by 21.3% year-over-year, from $7.6B to $6.0B in fiscal year 2024.

Is Canadian Solar profitable?

No, Canadian Solar (CSIQ) reported a net income of -$77.9M in fiscal year 2024, with a net profit margin of -1.3%.

What is Canadian Solar's earnings per share (EPS)?

Canadian Solar (CSIQ) reported diluted earnings per share of $0.54 for fiscal year 2024. This represents a -86.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Canadian Solar's EBITDA?

Canadian Solar (CSIQ) had EBITDA of $471.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Canadian Solar have?

As of fiscal year 2024, Canadian Solar (CSIQ) had $1.7B in cash and equivalents against $4.6B in long-term debt.

What is Canadian Solar's gross margin?

Canadian Solar (CSIQ) had a gross margin of 16.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Canadian Solar's operating margin?

Canadian Solar (CSIQ) had an operating margin of -0.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Canadian Solar's net profit margin?

Canadian Solar (CSIQ) had a net profit margin of -1.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Canadian Solar's free cash flow?

Canadian Solar (CSIQ) generated -$2.0B in free cash flow during fiscal year 2024. This represents a -362.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Canadian Solar's operating cash flow?

Canadian Solar (CSIQ) generated -$885.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Canadian Solar's total assets?

Canadian Solar (CSIQ) had $13.5B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Canadian Solar's capital expenditures?

Canadian Solar (CSIQ) invested $1.1B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Canadian Solar spend on research and development?

Canadian Solar (CSIQ) invested $120.8M in research and development during fiscal year 2024.

Does Canadian Solar buy back shares?

Yes, Canadian Solar (CSIQ) spent $79.6M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Canadian Solar have outstanding?

Canadian Solar (CSIQ) had 67M shares outstanding as of fiscal year 2024.

What is Canadian Solar's current ratio?

Canadian Solar (CSIQ) had a current ratio of 1.09 as of fiscal year 2024, which is considered adequate.

What is Canadian Solar's debt-to-equity ratio?

Canadian Solar (CSIQ) had a debt-to-equity ratio of 1.64 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Canadian Solar's return on assets (ROA)?

Canadian Solar (CSIQ) had a return on assets of -0.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Canadian Solar's cash runway?

Based on fiscal year 2024 data, Canadian Solar (CSIQ) had $1.7B in cash against an annual operating cash burn of $885.3M. This gives an estimated cash runway of approximately 23 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Canadian Solar's Piotroski F-Score?

Canadian Solar (CSIQ) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Canadian Solar's earnings high quality?

Canadian Solar (CSIQ) has an earnings quality ratio of 11.37x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Canadian Solar cover its interest payments?

Canadian Solar (CSIQ) has an interest coverage ratio of -0.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Canadian Solar?

Canadian Solar (CSIQ) scores 15 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.