CSIQ · Canadian Solar Inc. · Financials

$9.60 -0.23 (-2.32%)

Russell 2000 member Rebalance outlook locked

Market Cap

$667.43M

67.90M

Volume · Oct 21 1.19M Avg daily vol (3M) 1.84M

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Pull these statements through the financial statements API or MCP →

Revenue

$5.6B -6.6%

FY2025

Net Income

-$104.13M -388.8%

FY2025

Gross Margin

18.34% +1.7pp

FY2025

Operating Margin

0.77% +1.3pp

FY2025

Diluted EPS

-$2.50 -563%

FY2025

Operating Cash Flow

-$252.74M +71.5%

FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Income Statement Balance Sheet Cash Flow All Metrics

Annual Quarterly

Line Item	3Y	5Y	10Y	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Revenue	-9.2%	+10.0%	+4.9%	$5.6B	$5.99B	$7.61B	$7.47B^G	$5.28B^G	$3.48B	$3.2B	$3.74B	$3.39B	$2.85B	$3.47B	$2.96B	$1.65B	$1.29B	$1.9B	$1.5B	$630.96M
Rental Income	-37.4%	—	—	—	—	—	—	—	—	—	$1.5M	$2.5M	$6.2M	$6.1M	$0	$0	—	—	—	—
Cost of Revenue	-9.7%	+10.4%	+4.7%	$4.57B	$4.99B	$6.33B	$6.21B	$4.37B	$2.79B	$2.48B	$2.97B	$2.75B	$2.44B	$2.89B	$2.38B	$1.38B	$1.2B	$1.72B	$1.27B	$552.86M
Gross Profit	-6.7%	+8.3%	+5.9%	$1.03B	$999.32M	$1.28B	$1.26B	$909.31M	$689.91M	$718.5M	$775.08M	$637.6M	$417.19M	$576.77M	$580.99M	$275.7M	$90.36M	$182.28M	$228.77M	$78.11M
Gross Margin	—	—	—	18.34%	16.67%	16.81%	16.91%	17.23%	19.85%	22.45%	20.7%	18.81%	14.62%	16.63%	19.62%	16.66%	6.98%	9.6%	15.3%	12.38%
Research & Development	+9.1%	+15.0%	+18.2%	$90.69M	$120.79M	$100.84M	$69.82M	$58.41M	$45.17M	$47.05M	$44.19M	$28.78M	$17.41M	$17.06M	$12.06M	$11.69M	$13M	$19.84M	$6.84M	$3.18M
Selling & Marketing	-11.9%	+11.3%	—	$382.59M	$487.95M	$369.67M	$558.93M	$398.65M	$224.24M	$180.33M	$165.4M	—	—	—	—	—	—	—	—	—
General & Administrative	+19.4%	+20.9%	+13.2%	$581.81M	$515.2M	$440.49M	$342.13M	$308.94M	$225.6M	$242.78M	$245.38M	$231M	$203.79M	$168.03M	$81.15M	$44.77M	$128.83M	$86.27M	$54.52M	$46.32M
Amortization of Intangibles	+32.2%	+10.1%	+14.0%	$8.28M	$7.99M	$3.79M	$3.59M	$4.6M	$5.12M	$5.31M	$4.67M	$4.66M	$6.54M	$2.24M	$1.56M	$1.1M	$754.15K	$1.01M	$320.15K	—
Depreciation & Amortization	+33.3%	+21.6%	+19.4%	$555.05M	$501.44M	$307.04M	$234.56M	$282.77M	$209.12M	$159.72M	$129.26M	$99.27M	$95.85M	$94.22M	$82.63M	$80.82M	$81.4M	$56.12M	$31.27M	$20.51M
Total Operating Expenses	+2.7%	+15.9%	+11.6%	$983.07M	$1.03B	$826.66M	$907.08M	$718.93M	$469.48M	$459.62M	$410.43M	$368.25M	$324.02M	$329.4M	$214.68M	$144.88M	$232.88M	$175.45M	$108.47M	$71.59M
Operating Income	-50.5%	-27.8%	-16.0%	$43.16M	-$30.08M	$453.32M	$356.06M	$190.38M	$220.43M	$258.88M	$364.66M	$269.35M	$93.16M	$247.37M	$366.31M	$130.82M	-$142.52M	$6.83M	$120.3M	$6.51M
Operating Margin	—	—	—	0.77%	-0.5%	5.95%	4.77%	3.61%	6.34%	8.09%	9.74%	7.94%	3.27%	7.13%	12.37%	7.91%	-11.01%	0.36%	8.04%	1.03%
EBITDA	+0.4%	+6.8%	+5.8%	$598.21M	$471.36M	$760.36M	$590.62M	$473.15M	$429.55M	$418.6M	$493.91M	$368.62M	$189.01M	$341.59M	$448.94M	$211.64M	-$61.12M	$62.95M	$151.57M	$27.02M
Interest Expense	+33.9%	+19.9%	+12.6%	$178.17M	$137.47M	$114.1M	$74.27M	$58.15M	$71.87M	$81.33M	$106.03M	$117.97M	$69.72M	$54.15M	$48.91M	$46.24M	$53.3M	$43.84M	$22.16M	$9.46M
Interest Income	+4.3%	+37.7%	+10.6%	$46.05M	$88.47M	$51.62M	$40.62M	$11.05M	$9.31M	$12.04M	$11.21M	$10.48M	$10.24M	$16.83M	$14.36M	$11.97M	$13.36M	$8.45M	$6.94M	$5.08M
Other Non-Operating Income	—	—	—	-$183.9M	-$52.22M	-$44.8M	$407K	-$51.92M	-$85.95M	-$79.21M	-$66.17M	-$134.82M	-$5.51M	-$23.9M	-$45.48M	-$74.55M	-$56.1M	-$81.16M	—	—
Equity in Earnings of Unconsolidated Entities	—	—	—	-$28.88M	-$12.14M	$14.61M	$15.44M	$7.26M	$10.78M	$28.95M	$5.91M	$9.41M	-$4.4M	-$643K	$487K	—	—	—	—	—
Investment Income (Loss)	+105.0%	—	—	$7.39M	$1.43M	$14.63M	$858K	$18.63M	-$8.56M	$1.93M	$41.36M	-$3.61M	—	—	—	—	—	—	—	—
Pretax Income	—	—	—	-$140.74M	-$82.3M	$408.53M	$356.47M	$138.46M	$134.48M	$208.62M	$304.4M	$143.93M	$83.25M	$222.83M	$321.32M	$53.2M	-$200.59M	-$74.36M	$67.44M	$21.48M
Income Tax	-42.2%	—	-11.8%	$14.15M	-$16.58M	$59.5M	$73.35M	$35.84M	-$1.98M	$42.07M	$61.97M	$40.95M	$17.98M	$49.51M	$77.43M	$7.64M	-$5.43M	$16.54M	$16.75M	-$1.3M
Net Income	—	—	—	-$104.13M	$36.05M	$274.19M	$298.56M	$109.88M	$147.25M	$166.56M	$242.43M	$102.98M	$65.28M	$173.32M	$243.89M	$45.57M	-$195.16M	-$90.9M	$50.83M	$22.78M
Net Margin	—	—	—	-1.86%	0.6%	3.6%	4%	2.08%	4.24%	5.2%	6.47%	3.04%	2.29%	5%	8.24%	2.75%	-15.07%	-4.79%	3.4%	3.61%
Net Income Attributable to Noncontrolling Interests	—	—	—	-$79.64M	-$113.91M	$89.45M	$58.59M	$14.63M	$543K	-$5.03M	$5.36M	$3.41M	$26K	$1.46M	$4.39M	$13.91M	$313.59K	-$99.17K	$259.48K	$132.32K
Net Income Available to Common Stockholders	-27.7%	-26.8%	-17.3%	—	$36.05M	$274.19M	$239.97M	$95.25M	$146.7M	$171.59M	$237.07M	$99.57M	$65.25M	$171.86M	$239.5M	$31.66M	-$195.47M	-$90.8M	$50.57M	$22.65M
Comprehensive Income	-54.9%	-45.5%	-19.1%	$10.98M	-$43.6M	$287.6M	$119.46M	$73.34M	$227.63M	$172.13M	$180.96M	$137.35M	$33.29M	$91.95M	$205.65M	$34.78M	-$190.23M	-$73.71M	$63.91M	—
EPS (Basic) USD/shares	—	—	—	-$2.50	$0.54	$4.19	$3.73	$1.55	$2.46	$2.88	$4.02	$1.71	$1.13	$3.08	$4.40	$0.68	-$4.53	-$2.11	$1.18	$0.61
EPS (Diluted) USD/shares	—	—	—	-$2.50	$0.54	$3.87	$3.44	$1.46	$2.38	$2.83	$3.88	$1.69	$1.12	$2.93	$4.11	$0.63	-$4.53	-$2.11	$1.16	$0.60
Shares Outstanding (Basic Avg) shares	+1.6%	+2.5%	+1.9%	67.37M	66.62M	65.38M	64.32M	61.61M	59.58M	59.63M	58.91M	58.17M	57.52M	55.73M	54.41M	46.31M	43.19M	43.08M	42.84M	37.14M
Shares Outstanding (Diluted Avg) shares	-1.8%	+1.6%	+1.1%	67.37M	66.94M	72.19M	71.18M	68.87M	62.31M	60.78M	62.29M	61.55M	58.06M	60.43M	59.35M	50.39M	43.19M	43.08M	43.68M	37.73M

Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2019–FY2020: $17.81M in buybacks.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balance	As of	Amount	Source
Finance lease liabilities	2025-12-31	USD 141,520,000	20-F filed 2026-04-10
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current finance lease liabilities USD 30,791,000 Noncurrent finance lease liabilities USD 110,729,000
Long-term debt, including current maturities	2025-12-31	USD 6,010,269,000	20-F filed 2026-04-10
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Noncurrent convertible notes payable USD 195,313,000 Noncurrent secured debt USD 490,971,000 Other long-term debt USD 2,955,867,000 Secured debt, including current maturities USD 3,925,248,000
Operating lease liabilities	2025-12-31	USD 381,291,000	20-F filed 2026-04-10
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current operating lease liabilities USD 26,783,000 Noncurrent operating lease liabilities USD 354,508,000
Short-term borrowings	2025-12-31	USD 2,389,037,000	20-F filed 2026-04-10

Instrument and agreement coverage is incomplete. Additional filings are awaiting review.

Covenants

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

The instrument breakdown is not yet verified. Read the debt note in the linked report for borrowing terms and maturity conditions.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue

1.54×

Peer median 2.48×

EV/EBIT

—

Peer median 34.86×

P/E (TTM)

—

Peer median 18.57×

Peer medians compare against the 8 similar-size Solar companies (of 19 listed).

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Manufacturing Segment	$5,612,124,000	$6,460,003,000	$7,230,550,000	$6,975,612,000	$4,371,603,000	$3,105,044,000	$2,591,154,000	$2,448,057,000
Recurrent Energy Segment	$403,620,000	$323,469,000	$497,653,000	$821,525,000	$1,124,083,000	$726,167,000	$718,735,000	$1,427,245,000
Energy Segment	—	—	—	—	—	—	$719,445,000	$1,575,594,000
Module Segment	—	—	—	—	—	—	$2,582,635,000	$2,413,889,000

By Geography (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
United States	$2,777,463,000	$2,776,124,000	$1,485,919,000	$1,963,956,000	$1,590,573,000	$696,101,000	$852,231,000	$999,144,000
China	$710,977,000	$1,220,446,000	$2,151,243,000	$1,904,862,000	$1,207,003,000	$504,656,000	$317,077,000	$620,520,000
United Kingdom	$355,484,000	$185,240,000	$144,994,000	$106,662,000	$7,749,000	$8,842,000	$33,158,000	$101,479,000
Australia	$347,863,000	$115,118,000	$128,247,000	$393,959,000	$165,772,000	$120,403,000	$313,167,000	$232,409,000
Brazil	$229,041,000	$190,925,000	$846,387,000	$623,331,000	$442,603,000	$284,478,000	$395,303,000	$339,964,000
Pakistan	$202,962,000	$266,082,000	$78,203,000	$73,531,000	$48,838,000	$15,417,000	$10,581,000	—
Other Countries Europe	$196,341,000	$292,232,000	$643,442,000	$270,877,000	$78,040,000	$54,175,000	$52,873,000	$55,730,000
Japan	$195,090,000	$150,727,000	$597,188,000	$325,344,000	$509,233,000	$560,701,000	$372,687,000	$483,041,000
Other Countries America	$151,732,000	$136,726,000	$283,839,000	$174,452,000	$46,210,000	$16,524,000	$29,731,000	$28,067,000
Spain	$141,833,000	$221,788,000	$445,321,000	$434,841,000	$100,658,000	$138,972,000	$78,228,000	$58,811,000
Other Countries Asia	$138,095,000	$164,307,000	$298,862,000	$128,307,000	$121,780,000	$91,222,000	$76,786,000	$142,962,000
Germany	$91,636,000	$198,227,000	$291,385,000	$322,189,000	$231,995,000	$119,035,000	$109,119,000	$95,514,000
South Africa	$56,590,000	$75,467,000	$218,596,000	$118,458,000	$90,761,000	$49,375,000	$93,911,000	$53,739,000
United Arab Emirates	—	$23,546,000	$22,915,000	$15,974,000	$6,168,000	$53,981,000	$43,311,000	$104,467,000
Canada	—	—	$52,525,000	$49,148,000	$30,792,000	$100,284,000	$30,330,000	$57,478,000
Chile	—	—	$29,663,000	$37,370,000	$18,461,000	$4,872,000	—	—
Cyprus	—	—	—	—	$51,038,000	$13,265,000	$2,175,000	—
Czechia	—	$23,670,000	$62,079,000	$79,414,000	$34,604,000	$16,144,000	$17,717,000	$17,411,000
France	—	—	$22,341,000	$31,147,000	$25,980,000	$29,974,000	$13,516,000	—
Hong Kong SAR China	—	—	$32,707,000	$46,254,000	$9,979,000	$13,571,000	—	—
Ireland	—	—	$41,611,000	$63,740,000	$7,844,000	—	—	—
India	—	$50,241,000	$91,020,000	$197,772,000	$142,300,000	$61,141,000	$70,893,000	$145,873,000
Italy	—	$81,007,000	$79,041,000	$14,465,000	$6,531,000	—	—	—
South Korea	—	—	—	—	$3,413,000	$25,896,000	$72,552,000	$46,697,000
Mexico	—	$42,431,000	$50,884,000	$31,912,000	$139,611,000	$118,846,000	$94,446,000	$50,004,000
Netherlands	—	$21,607,000	$81,820,000	$136,375,000	$104,715,000	$96,372,000	$68,770,000	$83,475,000
Norway	—	—	$139,769,000	$30,231,000	$157,000	—	—	—
Philippines	—	$18,623,000	$40,612,000	$26,578,000	$6,660,000	—	—	—
Poland	—	$27,975,000	$12,667,000	$26,136,000	—	—	—	—
Puerto Rico	—	—	$37,922,000	$22,353,000	$11,344,000	—	—	—
Romania	—	$23,540,000	$24,491,000	$31,804,000	$3,699,000	$1,258,000	—	—
Thailand	—	—	$10,217,000	$9,941,000	$59,451,000	$6,108,000	$12,753,000	$23,511,000
Taiwan	—	$21,155,000	$19,369,000	$67,411,000	$7,702,000	$24,422,000	—	—
Vietnam	—	—	$16,208,000	$9,078,000	$19,956,000	$289,621,000	$39,268,000	$4,216,000
America	—	$3,103,775,000	$2,616,145,000	$2,793,651,000	$2,279,594,000	$1,221,105,000	$1,402,041,000	$1,474,657,000
Asia	—	$1,801,562,000	$3,125,496,000	$2,739,779,000	$2,139,070,000	$1,620,840,000	$1,018,083,000	$1,571,287,000
Europe	—	$1,088,072,000	$1,871,985,000	$1,935,180,000	$858,505,000	$634,550,000	$780,459,000	$698,568,000

By Product & Service (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Electricity	$137,631,000	$89,170,000	$48,115,000	$23,835,000	$29,420,000	$9,706,000	$5,866,000	$4,688,000

Segment Operating Income

Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.

By Segment (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Manufacturing Segment	$198,557,000	$336,782,000	$456,083,000	$343,798,000	$74,132,000	$253,105,000	$267,642,000	$182,488,000
Recurrent Energy Segment	-$152,657,000	-$90,080,000	$96,621,000	$80,364,000	$97,179,000	$53,414,000	$18,795,000	$171,876,000
Energy Segment	—	—	—	—	—	—	-$7,031,000	$211,539,000
Module Segment	—	—	—	—	—	—	$279,715,000	$141,609,000

Operating Margin by Segment (%)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Manufacturing Segment	3.5%	5.2%	6.3%	4.9%	1.7%	8.2%	10.3%	7.5%
Recurrent Energy Segment	-37.8%	-27.8%	19.4%	9.8%	8.6%	7.4%	2.6%	12%
Energy Segment	—	—	—	—	—	—	-1%	13.4%
Module Segment	—	—	—	—	—	—	10.8%	5.9%

Key facts CIK 1375877 CUSIP 136635109 13F (30d) 17 filings 17 filers Visit website Investor relations