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Canadian Solar Financials

CSIQ
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 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 17 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).

Rhea AI CSIQ FY2025

A capital-heavy expansion is dominating results: gross margin held up, but debt, interest, and reinvestment consumed the gains.

Between FY2023 and FY2025, gross margin rose from 16.8% to 18.3%, so the core product economics did not deteriorate with revenue. What overwhelmed that improvement was the balance-sheet burden: long-term debt nearly doubled to $6.0B while free cash flow remained -$1.2B, meaning financing and reinvestment, not gross profitability, are now driving the bottom line.

Recent cash conversion has been weak; operating cash flow was still -$253M in FY2025 even before capital spending. With the current ratio only slightly above 1.0x, the business has limited short-term slack, so working-capital timing matters more than reported earnings suggest.

The squeeze is happening below gross profit: SG&A climbed to $582M in FY2025 while depreciation stayed high at $555M, so a stable gross margin could not produce much operating income. That pattern fits a company carrying a larger operating footprint whose fixed charges now need more revenue just to break even.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 20 / 100
Financial Profile 20/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Canadian Solar's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
25

Canadian Solar has an operating margin of 0.8%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 25/100, suggesting thin profitability after operating expenses. This is up from -0.5% the prior year.

Growth
10

Canadian Solar's revenue declined 6.6% year-over-year, from $6.0B to $5.6B. This contraction results in a growth score of 10/100.

Leverage
58

Canadian Solar has a moderate D/E ratio of 2.14. This balance of debt and equity financing earns a leverage score of 58/100.

Liquidity
15

Canadian Solar's current ratio of 1.02 is below the typical benchmark, resulting in a score of 15/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
0

While Canadian Solar generated -$252.7M in operating cash flow, capex of $962.3M consumed most of it, leaving -$1.2B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
13

Canadian Solar generates a -3.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 13/100. This is down from 1.3% the prior year.

Altman Z-Score Distress
0.59

Canadian Solar scores 0.59, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Weak
1/9

Canadian Solar passes 1 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
2.43x

For every $1 of reported earnings, Canadian Solar generates $2.43 in operating cash flow (-$252.7M OCF vs -$104.1M 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 ($43.2M vs $178.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$5.6B
YoY-6.6%
5Y CAGR+10.0%
10Y CAGR+4.9%

Canadian Solar generated $5.6B in revenue in fiscal year 2025. This represents a decrease of 6.6% from the prior year.

EBITDA
$598.2M
YoY+26.9%
5Y CAGR+6.8%
10Y CAGR+5.8%

Canadian Solar's EBITDA was $598.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 26.9% from the prior year.

Net Income
-$104.1M
YoY-388.8%

Canadian Solar reported -$104.1M in net income in fiscal year 2025. This represents a decrease of 388.8% from the prior year.

EPS (Diluted)
$-2.50
YoY-563.0%

Canadian Solar earned $-2.50 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 563.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$1.2B
YoY+39.2%

Canadian Solar generated -$1.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 39.2% from the prior year.

Cash & Debt
$1.4B
YoY-19.5%
5Y CAGR+3.1%
10Y CAGR+9.5%

Canadian Solar held $1.4B in cash against $6.0B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
68M
YoY+1.3%
5Y CAGR+2.5%
10Y CAGR+1.9%

Canadian Solar had 68M shares outstanding in fiscal year 2025. This represents an increase of 1.3% from the prior year.

Margins & Returns

Gross Margin
18.3%
YoY+1.7pp
5Y CAGR-1.5pp
10Y CAGR+1.7pp

Canadian Solar's gross margin was 18.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.7 percentage points from the prior year.

Operating Margin
0.8%
YoY+1.3pp
5Y CAGR-5.6pp
10Y CAGR-6.4pp

Canadian Solar's operating margin was 0.8% in fiscal year 2025, reflecting core business profitability. This is up 1.3 percentage points from the prior year.

Net Margin
-1.9%
YoY-2.5pp
5Y CAGR-6.1pp
10Y CAGR-6.9pp

Canadian Solar's net profit margin was -1.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.5 percentage points from the prior year.

Return on Equity
-3.7%
YoY-5.0pp
5Y CAGR-13.1pp
10Y CAGR-24.9pp

Canadian Solar's ROE was -3.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$90.7M
YoY-24.9%
5Y CAGR+15.0%
10Y CAGR+18.2%

Canadian Solar invested $90.7M in research and development in fiscal year 2025. This represents a decrease of 24.9% from the prior year.

Share Buybacks
$70.1M
YoY-11.9%
5Y CAGR+63.7%

Canadian Solar spent $70.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 11.9% from the prior year.

Capital Expenditures
$962.3M
YoY-13.5%
10Y CAGR+26.6%

Canadian Solar invested $962.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 13.5% from the prior year.

CSIQ Income Statement

Metric Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q4'19 Q4'18
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 Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q4'19 Q4'18
Total Assets $15.2B+12.3% $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
Current Assets $6.0B+1.0% $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
Cash & Equivalents $1.4B-19.5% $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
Inventory $1.1B-6.1% $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
Accounts Receivable $830.0M-25.8% $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
Goodwill N/A N/A N/A N/A N/A N/A N/A $1.0M
Total Liabilities $10.9B+16.5% $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
Current Liabilities $5.9B+8.0% $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
Long-Term Debt $6.0B+30.5% $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
Total Equity $2.8B-0.3% $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
Retained Earnings $1.5B-6.6% $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

CSIQ Cash Flow Statement

Metric Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q4'19 Q4'18
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 Q4'25 Q4'24 Q4'23 Q4'22 Q4'21 Q4'20 Q4'19 Q4'18
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 1.02-0.1 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
Debt-to-Equity 2.14+0.5 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
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

Canadian Solar (CSIQ) reported $5.6B in total revenue for fiscal year 2025. This represents a -6.6% 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.

Canadian Solar (CSIQ) revenue declined by 6.6% year-over-year, from $6.0B to $5.6B in fiscal year 2025.

No, Canadian Solar (CSIQ) reported a net income of -$104.1M in fiscal year 2025, with a net profit margin of -1.9%.

Canadian Solar (CSIQ) reported diluted earnings per share of $-2.50 for fiscal year 2025. This represents a -563.0% 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.

Canadian Solar (CSIQ) had EBITDA of $598.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Canadian Solar (CSIQ) had $1.4B in cash and equivalents against $6.0B in long-term debt.

Canadian Solar (CSIQ) had a gross margin of 18.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Canadian Solar (CSIQ) had an operating margin of 0.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Canadian Solar (CSIQ) had a net profit margin of -1.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Canadian Solar (CSIQ) has a return on equity of -3.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Canadian Solar (CSIQ) generated -$1.2B in free cash flow during fiscal year 2025. This represents a 39.2% 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.

Canadian Solar (CSIQ) generated -$252.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Canadian Solar (CSIQ) had $15.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Canadian Solar (CSIQ) invested $962.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Canadian Solar (CSIQ) invested $90.7M in research and development during fiscal year 2025.

Yes, Canadian Solar (CSIQ) spent $70.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Canadian Solar (CSIQ) had 68M shares outstanding as of fiscal year 2025.

Canadian Solar (CSIQ) had a current ratio of 1.02 as of fiscal year 2025, which is considered adequate.

Canadian Solar (CSIQ) had a debt-to-equity ratio of 2.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Canadian Solar (CSIQ) had a return on assets of -0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Canadian Solar (CSIQ) had $1.4B in cash against an annual operating cash burn of $252.7M. This gives an estimated cash runway of approximately 65 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.

Canadian Solar (CSIQ) has an Altman Z-Score of 0.59, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Canadian Solar (CSIQ) has an earnings quality ratio of 2.43x, 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.

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.

Canadian Solar (CSIQ) scores 20 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.

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