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ValueScreener company report

Canadian Solar Inc. (CSIQ)

NASDAQ / Energy / Solar

Share price

10.57 USD Market dataClose of Oct 15, 2026

Market capitalisation

717.7M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Apr 10, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-3.7% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

0.26x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-169.3% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 2.85B USDFY2016 Net income: 65.3M USDFY2017 Revenue: 3.39B USDFY2017 Net income: 103.0M USDFY2018 Revenue: 3.74B USDFY2018 Net income: 242.4M USDFY2019 Revenue: 3.20B USDFY2019 Net income: 166.6M USDFY2020 Revenue: 3.48B USDFY2020 Net income: 147.2M USDFY2021 Revenue: 5.28B USDFY2021 Net income: 109.9M USDFY2022 Revenue: 7.47B USDFY2022 Net income: 298.6M USDFY2023 Revenue: 7.61B USDFY2023 Net income: 274.2M USDFY2024 Revenue: 5.99B USDFY2024 Net income: 36.1M USDFY2025 Revenue: 5.60B USDFY2025 Net income: -104.1M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -3.7% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Energy sector (234 companies), -3.7% sits at the 25th percentile; the middle half of that group runs from -3.6% to 14.9%.

Is it safe

Interest coverage was 0.24x in FY2025, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Canadian Solar Inc.'s return on equity stayed above the median of the Energy sector, year by year. (FY2022 to FY2025, 4 fiscal years of Canadian Solar Inc. with a comparable figure)
The direction
Which way Canadian Solar Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Canadian Solar Inc.)
What could explain it
What in Canadian Solar Inc.'s filed statements could explain the movements. (8 readings drawn from the statement lines Canadian Solar Inc. filed)
What to check next
What to check next on Canadian Solar Inc., and where in its filings. (8 questions for Canadian Solar Inc.)
In one paragraph
One paragraph on Canadian Solar Inc.'s returns, cash, balance sheet and price. (11 of sixteen figures read for Canadian Solar Inc.)

These are CSIQ’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CSIQPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Apr 10, 2026, accession 0001104659-26-041976.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Canadian Solar Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.

n/a ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Return on equity-3.7% ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Return on capital employed, pre-tax0.5% ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Return on assets-0.7% ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Gross margin18.3% ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Operating margin0.8% ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Net margin-1.9% ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
CSIQ -1.9%
SHLS 7.1%RUN 15.2%ARRY -4.1%SEDG -34.2%
-34.2%15.2%
Net margin: CSIQ against the 4 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Canadian Solar Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity3.18 ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Current ratio1.02 ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Quick ratio0.83 ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Interest coverage0.24x ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Altman Z-score0.56 ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Net debt7.55B ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Total assets 15.17BTotal liabilities 10.90BShareholders' equity 2.81BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Canadian Solar Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Apr 10, 2026, 0001104659-26-041976).

Canadian Solar Inc: balance sheet position
Total assets15.17B FiledFY2025 20-F, filed Apr 10, 2026
Total liabilities10.90B FiledFY2025 20-F, filed Apr 10, 2026
Shareholders' equity2.81B FiledFY2025 20-F, filed Apr 10, 2026
Cash1.37B FiledFY2025 20-F, filed Apr 10, 2026
Total debt8.92B FiledFY2025 20-F, filed Apr 10, 2026
Net debt7.55B
Current ratio1.02
Debt to equity3.18

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Canadian Solar Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.26x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Price to sales0.13x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Enterprise value to EBIT191.62x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Enterprise value to EBITDA13.82x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976

We publish no fair value or price target of our own. Value CSIQ on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Canadian Solar Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Canadian Solar Inc: valuation
Share price10.57 USD
Market capitalisation717.7M USD
Enterprise value to EBITDA13.82x
Graham numbern/m
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Canadian Solar Inc

  1. Shoals Technologies Group, Inc. (SHLS)Market cap 1.31B USD
  2. Sunrun Inc. (RUN)Market cap 1.82B USD
  3. Array Technologies, Inc. (ARRY)Market cap 549.2M USD
  4. SolarEdge Technologies, Inc. (SEDG)Market cap 1.93B USD

Same industry (Solar) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Canadian Solar Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-169.3% ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Free cash flow-1.21B USD ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Free cash flow margin-21.7% ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
FY2016 Free cash flow: -564.8M USDFY2016 Net income: 65.3M USDFY2017 Free cash flow: -73.1M USDFY2017 Net income: 103.0M USDFY2018 Free cash flow: -100.0M USDFY2018 Net income: 242.4M USDFY2019 Net income: 166.6M USDFY2020 Net income: 147.2M USDFY2021 Free cash flow: -837.0M USDFY2021 Net income: 109.9M USDFY2022 Free cash flow: 289.5M USDFY2022 Net income: 298.6M USDFY2023 Free cash flow: -431.8M USDFY2023 Net income: 274.2M USDFY2024 Free cash flow: -2.00B USDFY2024 Net income: 36.1M USDFY2025 Free cash flow: -1.21B USDFY2025 Net income: -104.1M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Canadian Solar Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.26xFY2025Oct 15, 2026
191.62xFY2025Oct 15, 2026
-169.3%FY2025Oct 15, 2026
n/aFY2025Apr 10, 2026
n/a The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
3.18FY2025Apr 10, 2026
1.02FY2025Apr 10, 2026
0.13xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
0.56FY2025Oct 15, 2026
-2.95FY2025Apr 10, 2026
1/9FY2025Apr 10, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Canadian Solar Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Canadian Solar Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20255.60B43.2M-104.1Mn/a-1.21B0.8%-3.7%20-F, Apr 10, 20260001104659-26-041976
FY20245.99B-30.1M36.1Mn/a-2.00B-0.5%1.3%20-F, Apr 30, 20250001410578-25-001046
FY20237.61B453.3M274.2Mn/a-431.8M6.0%10.7%20-F, Apr 26, 20240001104659-24-052464
FY20227.47B356.1M298.6Mn/a289.5M4.8%15.4%20-F, Apr 18, 20230001104659-23-046692
FY20215.28B190.4M109.9Mn/a-837.0M3.6%6.1%20-F, Apr 28, 20220001104659-22-052219
FY20203.48B220.4M147.2Mn/an/a6.3%9.4%20-F, Apr 19, 20210001104659-21-051958
FY20193.20B258.9M166.6Mn/an/a8.1%12.0%20-F, Apr 28, 20200001104659-20-052010
FY20183.74B364.7M242.4Mn/a-100.0M9.7%19.8%20-F, Apr 25, 20190001047469-19-002579
FY20173.39B269.3M103.0Mn/a-73.1M7.9%10.0%20-F, Apr 26, 20180001047469-18-003229
FY20162.85B93.2M65.3Mn/a-564.8M3.3%7.4%20-F, Apr 27, 20170001047469-17-002970
  • Revenue, compound annual growth FY2016 to FY2025: 7.8%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Canadian Solar Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.95 ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Piotroski F-score1/9 ComputedFY2025 20-F, filed Apr 10, 2026, 0001104659-26-041976
Named tests met1 of 30 Computed
Beta1.78 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 24 not met, 5 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Cheapest quarter on P/B (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC
Not measured
ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(12)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Return on Invested Capital: The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 12 figures could not be read on this company, among them Positive Earnings Streak, P/E Ratio, Return on Invested Capital. Each blank in the table above names the rest, with its reason. 5 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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