CSIQ

MKT CAP:$958M

Canadian Solar Inc.

Market Cap

$958M

Energy·Solar·🇨🇦 Canada·NASDAQ

Energy·Solar·🇨🇦·NASDAQ

Stock Price

$13.20-$12.21 (-48.05%)

Apr 17, 2026

Company Details

Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The...

CEO

Xiaohua Qu

IPO Date

Nov 9, 2006

Website

www.canadiansolar.com

Key Metrics TTM

Revenue

$5.7B

-7.3% YoY

Net Income

-$36M

EPS (Diluted)

-$0.55

Free Cash Flow

-$2.2B

Revenue / Share

$84.22

Gross Margin

15.4%

Operating Margin

-2.3%

Net Margin

-0.6%

FCF Margin

-38.7%

P/S

0.2x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$5.6BEPS -$1.55

Q4 2025

Jan 7, 2026

$1.2B-20.0%EPS -$1.28

Q4 2024

Apr 30, 2025

$1.5B-10.6%EPS $0.48

Q2 2024

Aug 22, 2024

$1.6BEPS $0.06

Q1 2024

Apr 26, 2024

$1.3BEPS $0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$760M	$199M	$80M
Q4 19	$920M	$230M	$111M
Q1 20	$826M	$223M	$113M
Q2 20	$696M	$147M	$45M
Q3 20	$914M	$178M	$59M
Q4 20	$1.0B	$141M	$2M
Q1 21	$1.1B	$195M	$43M
Q2 21	$1.4B	$185M	$26M
Q3 21	$1.2B	$229M	$53M
Q1 22	$1.3B	$181M	$16M
Q4 22	$2.0B	$349M	$136M
Q4 23	$1.7B	$213M	-$20M
Q1 24	$1.3B	$253M	$35M
Q2 24	$1.6B	$282M	$48M
Q4 24	$1.5B	$217M	-$127M
Q4 25	$1.2B	$124M	-$85M

Valuation

Quarter	P/S	P/E
Q3 19	0.4x	5.2x
Q4 19	0.4x	7.6x
Q1 20	0.3x	3.1x
Q2 20	0.4x	4.4x
Q3 20	0.6x	9.8x
Q4 20	0.9x	20.9x
Q1 21	0.7x	45.9x
Q2 21	0.6x	55.4x
Q3 21	0.5x	28.7x
Q1 22	0.5x	29.1x
Q4 22	0.4x	18.6x
Q4 23	0.3x	13.2x
Q1 24	0.2x	13.3x
Q2 24	0.1x	10.0x
Q4 24	0.1x	15.4x
Q4 25	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 19	$0	$0
Q4 19	-$414M	-$159M
Q1 20	$0	$0
Q2 20	$0	$0
Q3 20	$0	$0
Q4 20	-$339M	-$123M
Q1 21	$0	$0
Q2 21	$0	$0
Q3 21	$0	$0
Q1 22	$0	$0
Q4 22	$395M	$131M
Q4 23	$772M	$258M
Q1 24	-$291M	-$731M
Q2 24	-$429M	-$831M
Q4 24	$290M	-$251M
Q4 25	-$67M	-$396M

Capital Expenditures

Quarter	CapEx
Q3 19	$0
Q4 19	$255M
Q1 20	$0
Q2 20	$0
Q3 20	$0
Q4 20	$216M
Q1 21	$0
Q2 21	$0
Q3 21	$0
Q1 22	$0
Q4 22	$265M
Q4 23	$515M
Q1 24	$440M
Q2 24	$401M
Q4 24	$542M
Q4 25	$329M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 19	-1.1%	+1.1%
Q4 19	+2.1%	+5.7%
Q1 20	+70.3%	+49.0%
Q2 20	-32.9%	-33.3%
Q3 20	+20.3%	+25.8%
Q4 20	+13.2%	+28.4%
Q1 21	+31.9%	+46.8%
Q2 21	+105.5%	+115.8%
Q3 21	+34.5%	+37.5%
Q1 22	+20.2%	+18.9%
Q4 22	+81.0%	+75.5%
Q4 23	+19.1%	+22.7%
Q1 24	+8.1%	+10.0%
Q2 24	+30.8%	+28.6%
Q4 24	-22.8%	-10.2%
Q4 25	-28.5%	-24.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 19	$3M	0.4%
Q4 19	$11M	1.2%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$11M	1.1%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q1 22	$0	0.0%
Q4 22	$9M	0.5%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 19	$12M	$61M	$47M	—
Q4 19	$10M	$64M	$50M	—
Q1 20	$10M	$53M	$53M	—
Q2 20	$11M	$46M	$53M	—
Q3 20	$14M	$56M	$54M	—
Q4 20	$10M	$70M	$64M	—
Q1 21	$12M	$67M	$84M	—
Q2 21	$13M	$69M	$84M	—
Q3 21	$13M	$83M	$102M	—
Q1 22	$13M	$63M	$109M	—
Q4 22	$21M	$89M	$126M	—
Q4 23	$32M	$108M	$94M	—
Q1 24	$34M	$95M	$88M	—
Q2 24	$26M	$101M	$132M	—
Q4 24	$30M	$220M	$132M	—
Q4 25	$22M	—	—	$188M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$845M	$0	$845M
Q2 22	$1.1B	$0	$1.1B
Q3 22	$1.1B	$0	$1.1B
Q4 22	$981M	$22M	$1.0B
Q1 23	$848M	$0	$848M
Q2 23	$2.0B	$0	$2.0B
Q3 23	$1.9B	$0	$1.9B
Q4 23	$2.9B	$0	$2.9B
Q1 24	$2.9B	$0	$2.9B
Q2 24	$2.2B	$0	$2.2B
Q3 24	$2.2B	$0	$2.2B
Q4 24	$2.3B	$0	$2.3B
Q1 25	$1.6B	$0	$1.6B
Q2 25	$1.9B	$0	$1.9B
Q3 25	$1.8B	$0	$1.8B
Q4 25	$1.9B	$0	$1.9B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	61M	+1.0%	-1.8%
Q4 19	60M	-0.7%	-3.1%
Q1 20	60M	-0.5%	+1.4%
Q2 20	60M	-0.5%	-0.8%
Q3 20	61M	+1.7%	-0.0%
Q4 20	61M	+0.5%	+1.2%
Q1 21	68M	+10.4%	+12.4%
Q2 21	61M	-9.2%	+2.6%
Q3 21	70M	+13.9%	+14.8%
Q1 22	65M	-7.4%	+5.8%
Q4 22	71M	+10.2%	+5.6%
Q4 23	66M	-7.4%	+7.7%
Q1 24	67M	+0.9%	-4.6%
Q2 24	67M	+0.5%	+3.5%
Q4 24	73M	+9.5%	+2.9%
Q4 25	68M	-7.7%	+2.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 19	$61.1K	12K
Q4 19	$68.2K	13K
Q1 20	$61.3K	13K
Q2 20	$51.6K	13K
Q3 20	$67.8K	13K
Q4 20	$81.5K	13K
Q1 21	$85.3K	13K
Q2 21	$111.9K	13K
Q3 21	$96.2K	13K
Q1 22	$92.4K	14K
Q4 22	$107.0K	18K
Q4 23	$76.7K	22K
Q1 24	$59.9K	22K
Q2 24	$73.7K	22K
Q4 24	$82.6K	18K
Q4 25	$66.1K	18K

Revenue / Employee